J O Hambro Capital Management Umbrella Fund plc.

Transcription

1 J O Hambro Capital Management Umbrella Fund plc 2016 Annual Report & Financial Statements for the financial year ended 31 December

2 General information Contents General Information 1 Directors Report 2 Corporate Governance Statement 5 Report of the Depositary to the Shareholders 7 Independent Auditors Report 8 Statement of Financial Position 10 Statement of Comprehensive Income 30 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 40 JOHCM Continental European Fund 51 JOHCM UK Growth Fund 61 JOHCM European Select Values Fund 69 JOHCM Japan Fund 79 JOHCM Global Select Fund 89 JOHCM Emerging Markets Fund 99 JOHCM Global Emerging Markets Opportunities Fund 111 JOHCM Asia ex-japan Fund 121 JOHCM Asia ex-japan Small and Mid-Cap Fund 129 JOHCM Global Opportunities Fund 139 JOHCM Japan Dividend Growth Fund 149 JOHCM US Small Mid Cap Equity Fund 157 JOHCM European Concentrated Value Fund 167 JOHCM Global Smaller Companies Fund 175 Notes to the Financial Statements 185 Supplemental Information Reporting Fund Status Where reporting fund status is obtained, Shareholders who are resident in the United Kingdom for tax purposes (other than persons who are dealing in the Shares who are subject to different rules) should be liable to capital gains tax (or corporation tax on chargeable gains) in respect of any gain realised on disposal or repurchase of the Shares or on conversion from one sub-fund to another within the Company. Each sub-fund has received certification as a reporting fund under the UK reporting fund regime. It is intended that the Company will conduct its affairs so as to enable each sub-fund to maintain reporting fund status. It cannot, however, be guaranteed that reporting fund status will be maintained in respect of any relevant period of account. It should be noted that it is not necessary to obtain reporting fund status on an annual or certificated basis; a sub-fund that obtains reporting fund status will maintain that status until such time as a material breach of the reporting regime occurs (for example, if the sub-fund does not report its income as required). Further Information The following information is available free of charge at The Key Investor Information Documents ( KIIDs ), Prospectus, Annual and Interim reports of the Company. Hard copies are available upon written request to the Investment Manager or the Administrator. Information on the sub-funds and their share classes. Share prices. Further information is available from the Administrator, RBC Investor Services Ireland Limited, 4th Floor, One George s Quay Plaza, George s Quay, Dublin 2, Ireland. Appendix Appendix Appendix 3 264

3 General information continued J O Hambro Capital Management Umbrella Fund plc An umbrella type open-ended investment company with variable capital incorporated with limited liability in Ireland. Registration number Board of Directors Robert Burke* Graham Warner** Helen Vaughan** Máire O Connor* Money Laundering Reporting Officer ( MLRO ) Carne Global Financial Services Limited 2nd Floor, Block E, Iveagh Court Harcourt Road, Dublin, Ireland Registered office 4th Floor, One George s Quay Plaza George s Quay Dublin 2, Ireland Administrator, Registrar, Transfer Agent and Company Secretary RBC Investor Services Ireland Limited 4th Floor, One George s Quay Plaza George s Quay Dublin 2, Ireland Legal advisers in the United Kingdom MacFarlanes 20 Cursitor Street London EC4A 1LT England Auditors Ernst & Young Chartered Accountants Ernst & Young Building Harcourt Centre Harcourt Street Dublin 2, Ireland Investment Manager and Promoter J O Hambro Capital Management Limited Ground Floor, Ryder Court 14 Ryder Street London SW1Y 6QB England Depositary RBC Investor Services Bank S.A., Dublin Branch 4th Floor, One George s Quay Plaza George s Quay Dublin 2 Ireland Legal advisers in Ireland McCann FitzGerald Riverside One Sir John Rogerson s Quay Dublin 2 Ireland Swiss Representative & Paying Agent RBC Investor Services Bank S.A. Esch-sur-Alzette Zurich Branch Badenerstrasse 567 P.O. Box 1292 CH-8048 Zürich Switzerland Paying Agent in Luxembourg RBC Investor Services Bank S.A. 14 Porte de France L-4360 Esch-sur-Alzette Luxembourg Paying and Information Agent in Germany Marcard, Stein & Co. AG Ballindamm 36 D-20095, Hamburg, Germany Information Agent in the Netherlands Banque Artesia Nederland N.V. Herengracht Postbus AG, Amsterdam Netherlands Centralising Correspondent in France RBC Investor Services Bank France 105 Rue Réaumur Paris, France Paying Agent and Tax Representative in Austria Erste Bank der osterreichischen Sparkassen AG Graben 21 A-1010 Vienna, Austria Paying Agent in Sweden Skandinaviska Enskilda Banken AB (publ), Sergels Torg 2 SE Stockholm, Sweden Paying Agent, Distributor and Nominee in Spain RBC Investor Services España, S.A. Fernando el Santo, 20 Madrid, Spain * Independent non-executive director ** Non-executive director Chief Operating Officer of the Investment Manager 1

4 Directors report for the year ended 31 December 2016 The Directors of the Company (the Directors ) submit their report, together with the audited financial statements for the financial year ended 31 December Statement of Directors Responsibilities in Respect of the Financial Statements Irish company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for the financial year. In preparing those financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit and loss of the Company and which enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with the provisions of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, as amended, (the UCITS Regulations ). They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to Disclosure of Information to Auditor Each of the Directors who were members of the Board at the date of approval of this Annual Report confirms that, to the best of his or her knowledge and belief, there is no information relevant to the preparation of the Annual Report of which the Company s Auditor has not been made aware and he or she has taken all the steps a Director might reasonably be expected to have taken to be aware of relevant audit information and to establish that the Company s Auditor is aware of that information. Principal Activities The Company was incorporated on 3 July 2001 and was authorised as an Undertaking for Collective Investment in Transferable Securities ( UCITS ) by the Central Bank of Ireland. The Company is organised as an open-ended investment company with variable capital pursuant to the UCITS Regulations. The Company is organised in the form of an umbrella fund with segregated liability between sub-funds. As at 31 December 2016 the Company had fourteen active sub-funds in respect of which 89 classes of shares have been offered for investment. Principal Risks Investment in the Company carries with it a degree of risk. Information about the material risks of the Company, the financial risk management objectives and policies of the Company are disclosed in note 8 to the financial statements. Review of Business and Future Developments The level of business and the financial position at the financial year end were satisfactory and the Directors expect this to continue in the coming financial year. A more comprehensive overview of the Company s investment activities is detailed in the Investment Management Reports. On 30 December 2016, the Directors applied to the Irish Stock Exchange to delist all of the shares of the Funds (the Shares ) from the Official List and from trading on the Main Securities Market of the Irish Stock Exchange. The Irish Stock Exchange confirmed that the Shares were delisted with effect from 30 December Results for the Financial Year and State of Affairs at 31 December 2016 The state of affairs of the Company at 31 December 2016 is set out on pages 15 to 29 and the results for the financial year are set out on pages 30 to 39. Directors The names of the persons who were Directors at any time during the financial year are set out on page 1. Secretary RBC Investor Services Ireland Limited acted as Secretary throughout the financial year. 2

5 Directors report continued Directors and Secretary s Interests Helen Vaughan is currently Chief Operating Officer of J O Hambro Capital Management Limited. Details of Directors and Secretary s interests are shown in Note 7 to the financial statements. Directors Compliance Statement It is the policy of the Company to comply with its relevant obligations (as defined in the Companies Act 2014). As required by Section 225(2) of the Companies Act 2014, the Directors acknowledge that they are responsible for securing the Company s compliance with the relevant obligations. The Directors have drawn up a compliance policy statement as defined in Section 225(3)(a) of the Companies Act 2014 and a compliance policy which refers to the arrangements and structures that are in place and which are, in the Directors opinion, designed to secure material compliance with the Company s relevant obligations. In discharging their responsibilities under Section 225, the Directors relied upon, among other things, the services provided, advice and/or representations from third parties whom the Directors believe have the requisite knowledge and experience in order to secure material compliance with the Company s relevant obligations. The Directors confirm that the three assurance measures have been implemented during the financial year end 31 December 2016 as following: Connected Persons In accordance with the requirements of UCITS Regulations paragraph 41 (1) - Dealings by promoter, manager, trustee, investment adviser and group companies states in paragraph one that any transactions carried out with a UCITS by a manager, trustee, investment adviser and/ or associated or group companies of these ( connected persons ) must be carried out as if negotiated at arm s length. Transactions must be in the best interests of the Shareholders. The Directors confirm that there are arrangements (evidenced by written procedures) in place to ensure that any transactions carried out with the Company by its promoter, investment manager, depositary and/ or associated or group companies of these Connected Persons are carried out as if negotiated at arm s length and are in the best interests of the Shareholders. The Directors are satisfied that the transactions with connected persons during the financial year were carried out as if negotiated at arm s length and in the best interests of the Shareholders. Accounting Records To ensure that adequate accounting records are kept in accordance with Section 281 to 285 of the Companies Act 2014, the Directors of the Company have employed a service organisation, RBC Investor Services Ireland Limited ( the Administrator ). The books of account are located at the offices of the Administrator as stated on page 1. a. Drawing up a compliance policy statement that sets out the company s policies respecting compliance by the company with its relevant obligations; b. Putting in place appropriate arrangements or structures that are designed to secure material compliance with the company s relevant obligations; and c. Conducting an annual review during the financial year of any arrangements or structures referred to in (b) that have been put into place. 3

6 Directors report continued Audit Committee The Company has not established a separate audit committee as the Directors operate as a unitary Board whilst considering such related matters. The Directors believe that the Company s straightforward structure, together with the delegation of responsibilities to the Administrator does not warrant such a function. This is reviewed by the Board annually. Independent Auditors The Auditors, Ernst & Young, Chartered Accountants, have indicated their willingness to continue in office in accordance with Section 383(2) of the Companies Act Basis of Accounting The Company s financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements of the Company for the financial year ended 31 December Distributions to Shareholders Distributions during the financial year are disclosed in note 9 to the financial statements. Remuneration Policy The European Union Directive 2014/91/EU (known as UCITS V Directive ) came into effect on 18 March The Company operates a remuneration policy in accordance with applicable UCITS requirements and which is summarised in the Company s Remuneration Policy per Appendix 2. Subsequent Events A new Prospectus was noted by the Central Bank on 11 January 2017 which principally related to changes required in order to comply with UCITS V and the addition of two new share classes, the JOHCM European Concentrated Value Fund AUD Z Class and EUR Z Class. Application has been made to the Central Bank of Ireland ( CBI ) for the following new sub-funds: JOHCM UK Equity Income Fund GBP Class A and Y JOHCM UK Opportunities Fund GBP Class A, Y and X JOHCM UK Dynamic Fund GBP Class A and Y Application has also been made to the CBI for the following new share classes: JOHCM European Concentrated Value Fund Sing $ Class B Hedged and Unhedged JOHCM European Concentrated Value Fund EUR Class Z JOHCM Global Opportunities Fund EUR Class Z and $CAN Class Z JOHCM Continental European Fund GBP Class X Hedged Subject to approval by the CBI it is anticipated that these sub-funds and share classes will launch on 31 March There have been no other material subsequent events since 31 December On Behalf of the Board Robert Burke Director 15 March 2017 Máire O Connor Director 4

7 Corporate Governance statement for the year ended 31 December 2016 The Company is subject to and complies with Irish Statute comprising the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the UCITS Regulations ). The Board resolved to adopt the Corporate Governance Code issued by Irish Funds ( IF ) in 2011 (the Code ) from 1 January Each of the service providers engaged by the Company is subject to their own corporate governance requirements. Financial Reporting Process - description of main features The Board of Directors ( the Board ) has delegated to the Administrator, the responsibility for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company s financial reporting objectives and can only provide reasonable but not absolute assurance against material misstatement or loss. The Board has established processes regarding internal control and risk management systems to ensure its effective oversight of the financial reporting process. These include appointing the Administrator, RBC Investor Services Ireland Limited, to maintain the accounting records of the Company independently of the Investment Manager and the Depositary. The Administrator is contractually obliged to keep adequate accounting records in line with new Companies Act 2014 section 281 to 285. To that end the Administrator performs regular reconciliations of its records to those of the Depositary. The Administrator is also contractually obliged to prepare for review and approval by the Board the annual report including financial statements intended to give a true and fair view and the half yearly financial statements. The Board evaluates and discusses significant accounting and reporting issues as the need arises. The Board also assesses and evaluates the Administrator s financial accounting and reporting routines and further assesses and evaluates the external auditors performance, qualifications and independence. The Administrator has operating responsibility for internal control in relation to the financial reporting process and the Administrator s report to the Board. Risk Assessment The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and ensuring that processes are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The Board has also put in place processes to identify changes in accounting rules and recommendations and to ensure that these changes are accurately reflected in the Company s financial statements. Control Activities The Administrator is contractually obliged to design and maintain control structures to manage the risks which the Board judges to be significant for internal control over financial reporting. These control structures include appropriate division of responsibilities and specific control activities aimed at detecting or preventing the risk of significant deficiencies in financial reporting for every significant account in the financial statements and the related notes in the Company s annual report. Examples of control activities exercised by the Administrator include approval of transactions, analytical procedures, reconciliations and automatic controls in IT systems. Prices not available from external independent sources are subject to Board review and approval. Information and communication The Company s policies and the Board s instructions with relevance for financial reporting are updated and communicated via appropriate channels, such as , correspondence and meetings to ensure that all financial reporting information requirements are met in a complete and accurate manner. Monitoring The Board receives regular presentations and reviews reports from the Depositary, Investment Manager and Administrator. The Board also has an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditors. Given the contractual obligations of the Administrator, the Board has concluded that there is currently no need for the Company to have a separate internal audit function in order for the Board to perform effective monitoring and oversight of the internal control and risk management systems of the Company in relation to the financial reporting process. 5

8 Corporate Governance statement continued Shareholder meetings The Annual General Meetings of the Company are held in Ireland. Twenty-one days notice is given in respect of each general meeting. A proxy may attend on behalf of any Shareholder. An ordinary resolution is a resolution passed by a plurality of votes cast and a special resolution is a resolution passed by a majority of 75% or more of the votes cast. Each of the shares entitles the holder to attend and vote at meetings of the Company. Matters may be determined by a meeting of Shareholders on a show of hands unless a poll is requested. Each Shareholder has one vote on a show of hands. Each share gives the holder one vote in relation to any matters relating to the Company which are submitted to Shareholders for a vote by poll. Composition and operation of board and committees There are four Directors currently, all of which are non-executive Directors and two of whom are independent of the Investment Manager. None of the Directors has entered into an employment or service contract with the Company. The Articles of Association do not provide for retirement of Directors by rotation. However, the Directors may be removed by the Shareholders by ordinary resolution in accordance with the procedures established under the Irish Companies Act Currently the Board of Directors meets at least quarterly. There are no standing sub-committees of the Board of Directors, however a subcommittee of any two Directors can convene on an ad hoc basis if required to do so. No class of share confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other share class or any voting rights in relation to matters relating solely to any other share class. Any resolution to alter the class rights of the shares requires the approval of three quarters of the holders of the shares represented or present and voting at a general meeting of the class. The quorum for any general meeting of the class convened to consider any alteration to the class rights of the shares shall be such number of Shareholders being two or more persons whose holdings comprise one third of the shares. Each of the shares, other than subscriber shares, entitles the Shareholder to participate equally on a pro-rata basis in the dividends and net assets of the sub-fund in respect of which the shares have been issued, save in the case of dividends declared prior to becoming a Shareholder. Subscriber shares entitle the Shareholders holding them to attend and vote at all general meetings of the Company but do not entitle the holders to participate in the dividends or net assets of the Company. 6

9 Report of the Custodian to the Shareholders for the year ended 31 December 2016 As required by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) ( the Regulations ), we are pleased to present our report as follows. In our opinion, J O Hambro Capital Management Umbrella Fund Plc (the Company ) has been managed for the year ended 31 December 2016: (i) In accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association and the Regulations; and (ii) Otherwise in accordance with the provisions of the Memorandum & Articles of Association and the Regulations. RBC INVESTOR SERVICES BANK S.A. Date: 27 February 2017 DUBLIN BRANCH RBC Investor Services Bank S.A. Dublin Branch One George s Quay Plaza George s Quay Dublin 2, Ireland T F rbcits.com RBC Investor Services Bank S.A., Dublin Branch is a branch of RBC Investor Services Bank S.A. Registered office: 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg Registered in Ireland Incorporated in Luxembourg with Limited Liability Registered in Luxembourg B

10 Independent Auditor s report to the members of J O Hambro Capital Management Umbrella Fund plc We have audited the financial statements of J O Hambro Capital Management Umbrella Fund plc for the year ended 31 December 2016 which comprise the Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to holders of redeemable participating shares and the related notes 1 to 17. The financial reporting framework that has been applied in their preparation is Irish law, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011(as amended), the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland), including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland. This report is made solely to the company s members, as a body, in accordance with section 391 of the Companies Act Our audit work has been undertaken so that we might state to the company s members those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of Directors and Auditors As explained more fully in the Statement of Directors Responsibilities in Respect of the Financial Statements set out on page 2 the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors Report, Corporate Governance Statement, Report of the Depositary to the Shareholders, Unaudited Appendix 1, 2 and 3, Investment Management Reports, Schedules of Investments, Geographic and Economic Division of Investments and Principal Portfolio Changes to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2016 and of its profit for the year then ended; have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and have been properly prepared in accordance with the requirements of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations

11 Independent Auditor s report continued Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited. The financial statements are in agreement with the accounting records. In our opinion the information given in the directors report is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of sections 305 to 312 of the Companies Act 2014 which require us to report to you if, in our opinion, the disclosures of directors remuneration and transactions specified by law are not made. Aidan Tiernan for and on behalf of Ernst & Young Chartered Accountants and Statutory Audit Firm Dublin 15 March

12 Statement of financial position as at 31 December 2016 JOHCM Continental European Fund 31 Dec 2016 JOHCM Continental European Fund 31 Dec 2015 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 1,658,398 1,713,992 Investments in financial derivative instruments (note 8) Cash and cash equivalents 16,408 - Cash collateral - - Dividends receivable Subscriptions receivable 8,254 4,486 Amounts due from brokers - 7,050 Other receivables TOTAL ASSETS 1,683,372 1,726,676 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) 3, Bank overdraft - 11,170 Redemptions payable 7, Amounts due to brokers 1,681 6,514 Management, directors and advisory fees payable 1,058 1,150 Performance fee payable ,252 Administration and transfer agency fee payable 33 - Other payables Liabilities (excluding net assets attributable to holders of redeemable participating shares) 14,087 33,082 Net assets attributable to holders of redeemable participating shares 1,669,285 1,693,594 The accompanying notes form an integral part of the financial statements. 10

13 JOHCM UK Growth Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM European Select Values Fund 31 Dec Dec Dec Dec , ,983 2,306,679 1,601, ,112 1,506-1, , , ,811 1,086 1, , ,944 2,416,757 1,704, , , ,931 1, ,340 9, , ,461 11, , ,333 2,389,296 1,692,190 11

14 Statement of financial position continued JOHCM Continental European Fund 31 Dec 2016 JOHCM Continental European Fund 31 Dec 2015 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) 70, , Net asset value per Share EUR Class A Shares in issue ( 000) 130, , Net asset value per Share USD Class A Shares in issue ( 000) 39, , Net asset value per Share $1.206 $1.179 GBP Hedged Class A Shares in issue ( 000) 190, , Net asset value per Share Class B GBP Class B Shares in issue ( 000) 39, , Net asset value per Share EUR Class B Shares in issue( 000) 15, , Net asset value per Share USD Hedged Class B Shares in issue ( 000) 26, , Net asset value per Share $1.219 $1.193 X Shares EUR X Shares in issue ( 000) - Net asset value per Share - Y Shares GBP Y Shares in issue ( 000) 282, , Net asset value per Share EUR Y Shares in issue ( 000) 28, , Net asset value per Share GBP Hedged Y Shares in issue ( 000) 44, , Net asset value per Share Non-Distributing Shares EUR E Shares in issue ( 000) - - Net asset value per Share - - The accompanying notes form an integral part of the financial statements. 12

15 JOHCM UK Growth Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM European Select Values Fund 31 Dec Dec Dec Dec , , , , , , , , , , , , , ,

16 Statement of financial position continued JOHCM Japan Fund 31 Dec 2016 JOHCM Japan Fund 31 Dec 2015 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 421, ,822 Investments in financial derivative instruments (note 8) Cash and cash equivalents 9, Dividends receivable Subscriptions receivable 2,443 1,678 Amounts due from brokers 14,232 6,941 Receivable from investment manager - - Other receivables TOTAL ASSETS 448, ,123 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) 20 1 Bank overdraft - 11,411 Redemptions payable 1, Amounts due to brokers 12,075 7,362 Management, directors and advisory fees payable Performance fee payable - - Administration and transfer agency fee payable 30 4 Other payables Liabilities (excluding net assets attributable to holders of redeemable participating shares) 13,878 20,145 Net assets attributable to holders of redeemable participating shares 434, ,978 The accompanying notes form an integral part of the financial statements. 14

17 JOHCM Global Select Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Emerging Markets Fund 31 Dec Dec Dec Dec ,186,491 1,870,328 25,022 22, ,893 89, ,361 2, , ,715 5, ,309,673 1,968,090 25,693 22, , ,494 20, ,746 1, ,846 23, ,282,827 1,944,964 25,388 22,185 15

18 Statement of financial position continued JOHCM Japan Fund 31 Dec 2016 JOHCM Japan Fund 31 Dec 2015 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) 87, , Net asset value per Share GBP Hedged Class A Shares in issue ( 000) 84, , Net asset value per Share EUR Class A Shares in issue ( 000) 4, , Net asset value per Share JPY Class A Shares in issue ( 000) 15, , Net asset value per Share USD Class A Shares in issue ( 000) - - Net asset value per Share - - Class B GBP Class B Shares in issue ( 000) 4, , Net asset value per Share GBP Hedged Class B Shares in issue ( 000) 23, , Net asset value per Share EUR Class B Shares in issue ( 000) Net asset value per Share JPY Class B Shares in issue ( 000) 1, , Net asset value per Share USD Class B Shares in issue ( 000) - - Net asset value per Share - - Y Shares GBP Y Shares in issue ( 000) - - Net asset value per Share - - Z Shares GBP Z Shares in issue ( 000) - - Net asset value per Share - - EUR Z Shares in issue ( 000) - - Net asset value per Share - - USD Z Shares in issue ( 000) - - Net asset value per Share - - Non-Distributing Shares EUR E Shares in issue ( 000) - - Net asset value per Share - - The accompanying notes form an integral part of the financial statements. 16

19 JOHCM Global Select Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Emerging Markets Fund 31 Dec Dec Dec Dec , , , , , , , , , , , $1.279 $1.268 $1.212 $ , , , , , , , , $1.454 $1.449 $1.213 $ , , , , , , , , $1.426 $ , ,

20 Statement of financial position continued JOHCM All Europe Dynamic Growth Fund* 31 Dec 2016 JOHCM All Europe Dynamic Growth Fund* 31 Dec 2015 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) - - Investments in financial derivative instruments (note 8) - - Cash and cash equivalents - 8 Dividends receivable - - Subscriptions receivable - - Amounts due from brokers - - Receivable from investment manager - - Other receivables - - TOTAL ASSETS - 8 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) - - Bank overdraft - - Redemptions payable - - Amounts due to brokers - - Management, directors and advisory fees payable - - Performance fee payable - - Administration and transfer agency fee payable - - Other payables - 8 Liabilities (excluding net assets attributable to holders of redeemable participating shares) - 8 Net assets attributable to holders of redeemable participating shares - - * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February The accompanying notes form an integral part of the financial statements. 18

21 JOHCM Global Emerging Markets Opportunities Fund JOHCM Global Emerging Markets Opportunities Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Fund 31 Dec Dec Dec Dec , , , , ,193 6,403 10,356 23, , ,143-1, , , , , , , ,230 2, , , , ,874 19

22 Statement of financial position continued JOHCM All Europe Dynamic Growth Fund* 31 Dec 2016 JOHCM All Europe Dynamic Growth Fund* 31 Dec 2015 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) - - Net asset value per Share - - EUR Class A Shares in issue ( 000) - - Net asset value per Share - - USD Class A Shares in issue ( 000) - - Net asset value per Share - - Class B GBP Class B Shares in issue ( 000) - - Net asset value per Share - - EUR Class B Shares in issue ( 000) - - Net asset value per Share - - USD Class B Shares in issue ( 000) - - Net asset value per Share - - Z Shares GBP Z Shares in issue ( 000) - - Net asset value per Share - - CAD Z Shares in issue ( 000) - - Net asset value per Share - - AUD Z Shares in issue ( 000) - - Net asset value per Share - - Y Shares GBP Y Shares in issue ( 000) - - Net asset value per Share - - USD Y Shares in issue ( 000) - - Net asset value per Share - - * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February The accompanying notes form an integral part of the financial statements. 20

23 JOHCM Global Emerging Markets Opportunities Fund JOHCM Global Emerging Markets Opportunities Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Fund 31 Dec Dec Dec Dec , , , , , , , , , , $0.880 $0.839 $1.491 $ , , , , , , , $ $1.458 $ , , , , CA$ CA$ , , AU$1.401 AU$ , , , $

24 Statement of financial position continued JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec 2016 JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec 2015 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 56,798 62,451 Investments in financial derivative instruments (note 8) - - Cash and cash equivalents 874 7,323 Dividends receivable Subscriptions receivable 57 2,694 Amount due from brokers 1,004 - Receivable from investment manager - - Other receivables 14 1 TOTAL ASSETS 58,768 72,512 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) - 1 Bank overdraft 11 - Redemptions payable 1, Amounts due to brokers 93 4,255 Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable 19 4 Other payables 6 18 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 1,989 5,285 Net assets attributable to holders of redeemable participating shares 56,779 67,227 The accompanying notes form an integral part of the financial statements. 22

25 JOHCM Global Opportunities Fund JOHCM Global Opportunities Fund JOHCM Japan Dividend Growth Fund JOHCM Japan Dividend Growth Fund 31 Dec Dec Dec Dec , ,765 98, , ,116 23,677 2, , , , , , , , , , ,270 23

26 Statement of financial position continued JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec 2016 JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec 2015 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) 8, , Net asset value per Share GBP Hedged Class A Shares in issue ( 000) - - Net asset value per Share - - EUR Class A Shares in issue ( 000) 6, , Net asset value per Share USD Class A Shares in issue ( 000) 5, , Net asset value per Share $1.668 $1.803 USD Hedged Class A Shares in issue ( 000) - - Net asset value per Share - - Class B GBP Class B Shares in issue ( 000) 5, , Net asset value per Share EUR Class B Shares in issue ( 000) Net asset value per Share USD Class B Shares in issue ( 000) Net asset value per Share $1.586 $1.725 Z Shares GBP Z Shares in issue ( 000) 4, , Net asset value per Share X Shares GBP X Shares in issue ( 000) - - Net asset value per Share - - Seed Shares GBP Shares in issue ( 000) - - Net asset value per Share - - Non-Distributing Z Shares GBP Z Shares in issue ( 000) - - Net asset value per Share - - The accompanying notes form an integral part of the financial statements. 24

27 JOHCM Global Opportunities Fund JOHCM Global Opportunities Fund JOHCM Japan Dividend Growth Fund JOHCM Japan Dividend Growth Fund 31 Dec Dec Dec Dec , , , , , , , , , , $1.676 $1.579 $1.097 $ , , $1.181 $ , , , , $1.639 $ , , , , ,

28 Statement of financial position continued JOHCM US Small Mid Cap Equity Fund 31 Dec 2016 JOHCM US Small Mid Cap Equity Fund 31 Dec 2015 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 11,854 3,679 Investments in financial derivative instruments (note 8) - - Cash and cash equivalents Cash collateral - - Dividends receivable 6 2 Subscriptions receivable - - Amount due from brokers - - Receivable from investment manager Other receivables 7 - TOTAL ASSETS 12,354 3,841 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) - - Bank overdraft - - Redemptions payable 30 Amounts due to brokers - - Management, directors and advisory fees payable 3 1 Performance fee payable - 9 Administration and transfer agency fee payable 18 7 Other payables 7 4 Liabilities (excluding net assets attributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares 12,296 3,820 * JOHCM European Concentrated Value Fund launched on 31 March ** JOHCM Global Smaller Companies Fund launched on 31 March The accompanying notes form an integral part of the financial statements. 26

29 JOHCM European Concentrated Value Fund 31 Dec 2016 JOHCM European Concentrated Value Fund* 31 Dec 2015 JOHCM Global Smaller Companies Fund 31 Dec 2016 JOHCM Global Smaller Companies Fund** 31 Dec 2015 Total 31 Dec 2016 Total 31 Dec ,806 2,925 3,595 2,699 8,021,479 6,901, ,212 2, , , ,323 4, ,139 11, ,033 19, ,132 3,085 3,664 2,814 8,392,961 7,192, , ,856 23, ,080 3, ,663 39, ,071 5, ,822 25, ,607 98,973 5,116 3,063 3,651 2,807 8,296,354 7,093,614 27

30 Statement of financial position continued JOHCM US Small Mid Cap Equity Fund 31 Dec 2016 JOHCM US Small Mid Cap Equity Fund 31 Dec 2015 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) Net asset value per Share EUR Class A Shares in issue ( 000) Net asset value per Share USD Class A Shares in issue ( 000) Net asset value per Share $1.193 $1.036 Class B EUR Class B Shares in issue ( 000) Net asset value per Share USD Class B Shares in issue ( 000) Net asset value per Share $1.175 $1.028 Seed Shares USD Shares in issue ( 000) 11, , Net asset value per Share $1.208 $1.044 The financial statements and the accompanying notes on pages 10 to page 247 were approved by the Board of Directors on 15 March 2017 and are signed on its behalf by: Robert Burke Director 15 March 2017 Máire O Connor Director * JOHCM European Concentrated Value Fund launched on 31 March ** JOHCM Global Smaller Companies Fund launched on 31 March The accompanying notes form an integral part of the financial statements. 28

31 JOHCM European Concentrated Value Fund* JOHCM European Concentrated Value Fund* JOHCM Global Smaller Companies Fund** JOHCM Global Smaller Companies Fund** 31 Dec Dec Dec Dec , , , , $1.006 $ , $

32 Statement of comprehensive income for the year ended 31 December 2016 JOHCM Continental European Fund JOHCM Continental European Fund INCOME ( 000) Dividends 48,054 30,802 Bank interest 9 - Other income 1, Net gain/(loss) on financial assets/liabilities at fair value through profit or loss (note 12) 221, ,723 Net gain on swaps - - Total Investment Income/(Loss) 270, ,241 EXPENSES ( 000) Management fees (12,486) (12,231) Performance fees (479) (13,252) Administration fees (141) (95) Depositary fees (144) (312) Depositary oversight fees (167) (165) Transfer and domiciliary agency fees (349) (279) Directors fees (8) (10) Audit fees (19) (14) Legal fees (14) (33) Printing and publication expenses (14) (24) Bank interest and charges (180) (88) Transaction costs (6,243) (7,768) Swap interest fees - - Withholding tax (6,146) (3,513) Other charges (165) (189) Total Operating Expenses (26,555) (37,973) Net Income/(Loss) ( 000) 243, ,268 FINANCE COSTS ( ) Distributions to holders of redeemable participating shares (2,076) (8,221) Total Comprehensive Income 241, ,047 All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 30

33 JOHCM UK Growth Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM European Select Values Fund ,678 11,879 45,789 33, , ,903 (23,750) 408,396 83, ,293 2,390 25,644 (11,683) 457, ,390 (2,551) (3,331) (19,913) (15,319) - - (12,340) (9,572) (46) (37) (142) (89) - (58) (166) (259) (33) (41) (218) (163) (98) (90) (114) (106) (1) (2) (10) (10) (4) (4) (25) (14) (3) (9) (18) (34) (4) (4) (16) (16) (44) (36) (3) - (439) (541) (1,261) (1,266) - - (115) (125) (209) (1,197) (5,551) (4,599) (38) (51) (174) (211) (3,470) (5,401) (40,066) (31,783) 22,174 (17,084) 417,810 88,607 (7,004) (1,594) (4,226) (12,412) 15,170 (18,678) 413,584 76,195 31

34 Statement of comprehensive income continued JOHCM Japan Fund JOHCM Japan Fund INCOME ( 000) Dividends 12,292 12,712 Bank interest 2 2 Expense reimbursement from investment manager (note 6) - - Other income Net gain/(loss) on financial assets/liabilities at fair value through profit or loss (note 12) 25,180 57,032 Total Investment Income/(Loss) 37,507 69,836 EXPENSES ( 000) Management fees (3,705) (5,345) Performance fees - - Administration fees (75) (60) Depositary fees (32) (115) Depositary oversight fees (47) (72) Transfer and domiciliary agency fees (196) (192) Directors fees (1) (4) Audit fees (6) (6) Legal fees (4) (16) Printing and publication expenses (13) (12) Bank interest and charges (98) (58) Transaction costs (1,064) (2,431) Withholding tax (1,805) (1,991) Other charges (47) (89) Total Operating Expenses (7,093) (10,391) Net Income/(Loss) ( 000) 30,414 59,445 FINANCE COSTS ( ) Distributions to holders of redeemable participating shares (5,316) (5,857) Total Comprehensive Income 25,098 53,588 All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 32

35 JOHCM Global Select Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Emerging Markets Fund ,614 26, , ,596 (85,236) 5,733 (1,179) 442,492 (58,861) 6, (19,247) (19,786) (221) (274) - - (1) (118) (163) (121) (55) (41) (150) (384) (91) (122) (226) (212) (2) (3) (101) (91) (29) (26) (10) (13) - - (26) (19) - - (18) (42) - (1) (22) (21) (9) (8) (1) (6) (1) (11) (2,982) (3,276) (62) (119) (5,923) (4,465) (56) (67) (168) (268) (41) (115) (29,037) (28,704) (568) (905) 413,455 (87,565) 5,818 (866) (6,741) (4,091) (360) (370) 406,714 (91,656) 5,458 (1,236) 33

36 Statement of comprehensive income continued JOHCM All Europe Dynamic Growth Fund* JOHCM All Europe Dynamic Growth Fund* INCOME ( 000) Dividends - 7 Bank interest - - Expense reimbursement from investment manager (note 6) - 5 Other income - 1 Net gain/(loss) on financial assets/liabilities at fair value through profit or loss (note 12) Total Investment Income EXPENSES ( 000) Management fees - (10) Performance fees - - Administration fees - (4) Depositary fees - (2) Depositary oversight fees - (1) Transfer and domiciliary agency fees - (2) Directors fees - - Audit fees - - Legal fees - - Printing and publication expenses - (1) Bank interest and charges - - Transaction costs - - Withholding tax - 4 Other charges - (13) Total Operating Expenses - (29) Net Income/(Loss) ( 000) FINANCE COSTS ( ) Distributions to holders of redeemable participating shares (29) Total Comprehensive Income * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February 2015 All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 34

37 JOHCM Global Emerging Markets Opportunities Fund JOHCM Global Emerging Markets Opportunities Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Fund ,964 3,645 10,655 6, ,014 (6,222) 75,505 (17,330) 56,079 (2,465) 86,221 (10,530) (784) (221) (4,527) (3,366) - (226) - (1,760) (73) (45) (68) (46) (105) (67) (263) (186) (22) (15) (44) (30) (46) (31) (57) (35) (1) (1) (3) (2) (2) (1) (5) (3) (2) (3) (4) (4) (11) (10) (11) (10) - (5) (11) (15) (206) (114) (356) (607) (682) (483) (1,083) (620) (46) (74) (39) (636) (1,980) (1,296) (6,471) (7,320) 54,099 (3,761) 79,750 (17,850) (2,540) (2,389) (694) (371) 51,559 (6,150) 79,056 (18,221) 35

38 Statement of comprehensive income continued JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM Asia ex-japan Small and Mid-Cap Fund INCOME ( 000) Dividends 1, Bank interest - - Expense reimbursement from investment manager (note 6) - 5 Other income Net gain on financial assets/liabilities at fair value through profit or loss (note 12) 6,524 4,956 Total Investment Income 8,063 5,888 EXPENSES ( 000) Management fees (666) (347) Performance fees - (772) Administration fees (56) (41) Depositary fees (94) (72) Depositary oversight fees (7) (4) Transfer and domiciliary agency fees (43) (26) Directors fees - - Audit fees (1) - Legal fees (1) (1) Printing and publication expense (9) (8) Bank interest and charges (7) (4) Transaction costs (175) (96) Withholding tax (94) (58) Other charges (100) (206) Total Operating Expenses (1,253) (1,635) Net Income ( 000) 6,810 4,253 FINANCE COSTS ( ) Distributions to holders of redeemable participating shares (87) (74) Total Comprehensive Income 6,723 4,179 All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 36

39 JOHCM Global Opportunities Fund JOHCM Global Opportunities Fund JOHCM Japan Dividend Growth Fund JOHCM Japan Dividend Growth Fund ,492 2,472 2,719 2, ,049 17,374 14,498 5,388 55,559 19,856 17,234 7,670 (1,524) (801) (297) (333) (2) (82) - - (66) (46) (56) (42) (23) (21) (8) (19) (23) (13) (10) (10) (54) (27) (34) (30) (1) (1) (1) (1) (3) (1) (1) (1) (2) (2) (1) (1) (10) (10) (8) (8) (4) (6) (9) (6) (310) (143) (199) (332) (806) (426) (403) (350) (137) (25) (21) (28) (2,965) (1,604) (1,048) (1,161) 52,594 18,252 16,186 6,509 (1,820) (290) (1,837) (218) 50,774 17,962 14,349 6,291 37

40 Statement of comprehensive income continued JOHCM US Small Mid Cap Equity Fund 31 Dec 2016 JOHCM US Small Mid Cap Equity Fund 31 Dec 2015 INCOME ( 000) Dividends Bank interest - - Expense reimbursement from investment manager (note 6) Other income 5 - Net gain on financial assets/liabilities at fair value through profit or loss (note 12) 3, Net gain on swaps - - Total Investment Income 3, EXPENSES ( 000) Management fees (24) (10) Performance fees - (9) Administration fees (52) (38) Depositary fees (8) (6) Depositary oversight fees (3) (2) Transfer and domiciliary agency fees (25) (21) Directors fees - - Audit fees - - Legal fees - - Printing and publication expenses (8) (8) Bank interest and charges - - Transaction costs (10) (3) Swap interst fees - - Withholding tax (32) (11) Other charges (10) (13) Total Operating Expenses (172) (121) Net Income/(Loss) ( 000) 3, FINANCE COSTS ( ) Distributions to holders of redeemable participating shares - - Total Comprehensive Income 3, * JOHCM European Concentrated Value Fund launched on 31 March ** JOHCM Global Smaller Companies Fund launched on 31 March All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 38

41 JOHCM European Concentrated Value Fund 31 Dec 2016 JOHCM European Concentrated Value Fund* 31 Dec 2015 JOHCM Global Smaller Companies Fund 31 Dec 2016 JOHCM Global Smaller Companies Fund** 31 Dec 2015 Total 31 Dec 2016 Total 31 Dec , , ,084 2, (107) 847 (198) 1,287, , ,293 2, (24) 940 (145) 1,468, ,988 (29) (17) (23) (16) (65,997) (61,407) (2) (15) - - (12,824) (25,806) (36) (20) (36) (20) (1,065) (745) (8) (4) (6) (3) (1,098) (1,630) (2) (1) (2) (1) (806) (733) (4) (3) (4) (3) (1,154) (962) (36) (44) (92) (63) (67) (146) (1) (1) (1) (1) (137) (142) (1) (1) - (1) (359) (237) (2) (2) (3) (2) (13,312) (16,700) (115) (125) (8) (6) (10) (5) (22,808) (17,787) (12) (12) (11) (10) (1,009) (1,940) (105) (82) (96) (62) (120,879) (128,467) 674 (106) 844 (207) 1,347, , (32,701) (35,916) 674 (106) 844 (207) 1,315, ,605 39

42 Statement of changes in net assets attributable to holders of redeemable participating shares for the year ended 31 December 2016 JOHCM Continental European Fund 31 Dec 2016 JOHCM Continental European Fund 31 Dec 2015 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 1,693,594 1,261,585 Increase/(decrease) in net assets attributable to holders of redeemable participating shares 241, ,047 CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 751,998 1,047,622 Payments on redemption of shares (1,018,137) (744,660) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 1,669,285 1,693,594 Redeemable participating shares in issue at the beginning of the financial year 941,258, ,400, Shares issued during the financial year 480,335, ,357, Shares redeemed during the financial year (553,612, ) (352,500, ) Redeemable participating shares in issue at the end of the financial year 867,980, ,258,

43 JOHCM UK Growth Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM European Select Values Fund 31 Dec Dec Dec Dec , ,073 1,692,190 1,315,400 15,170 (18,678) 413,584 76,195 96, , , ,247 (166,773) (166,476) (391,037) (442,652) 309, ,333 2,389,296 1,692, ,746, ,396, ,234, ,318, ,638, ,049, ,793, ,075, (61,434, ) (55,699, ) (189,655, ) (233,158, ) 99,949, ,746, ,079,372, ,234,

44 Statement of changes in net assets attributable to holders of redeemable participating shares continued JOHCM Japan Fund 31 Dec 2016 JOHCM Japan Fund 31 Dec 2015 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 609, ,445 Increase/(decrease) in net assets attributable to holders of redeemable participating shares 25,098 53,588 CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 166, ,984 Payments on redemption of shares (367,327) (440,039) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 434, ,978 Redeemable participating shares in issue at the beginning of the financial year 340,825, ,608, Shares issued during the financial year 97,862, ,114, Shares redeemed during the financial year (217,436, ) (258,897, ) Redeemable participating shares in issue at the end of the financial year 221,251, ,825,

45 JOHCM Global Select Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Emerging Markets Fund 31 Dec Dec Dec Dec ,944,964 1,706,248 22,185 34, ,714 (91,656) 5,458 (1,236) 371, ,593 11,832 16,933 (440,434) (494,221) (14,087) (27,862) 2,282,827 1,944,964 25,388 22,185 1,277,273, ,061,347, ,895, ,222, ,433, ,741, ,394, ,039, (260,943, ) (292,814, ) (15,084, ) (28,366, ) 1,304,762, ,277,273, ,204, ,895,

46 Statement of changes in net assets attributable to holders of redeemable participating shares continued JOHCM All Europe Dynamic Growth Fund* 31 Dec 2016 JOHCM All Europe Dynamic Growth Fund* 31 Dec 2015 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) - 8,424 Increase/(decrease) in net assets attributable to holders of reedemable participating shares CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares - 8 Payments on redemption of shares - (8,828) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) - - Redeemable participating shares in issue at the beginning of the financial year - 6,867, Shares issued during the financial year - 6, Shares redeemed during the financial year - (6,874, ) Redeemable participating shares in issue at the end of the financial year - - * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February

47 JOHCM Global Emerging Markets Opportunities Fund JOHCM Global Emerging Markets Opportunities Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Fund 31 Dec Dec Dec Dec , , , ,411 51,559 (6,150) 79,056 (18,221) 64,550 18, , ,616 (34,525) (7,025) (148,185) (103,932) 222, , , , ,209, ,609, ,764, ,680, ,556, ,047, ,657, ,289, (36,324, ) (9,447, ) (121,887, ) (97,205, ) 256,441, ,209, ,534, ,764,

48 Statement of changes in net assets attributable to holders of redeemable participating shares continued JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec 2016 JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec 2015 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 67,227 17,776 Increase in net assets attributable to holders of redeemable participating shares 6,723 4,179 CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 28,947 58,546 Payments on redemption of shares (46,118) (13,274) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 56,779 67,227 Redeemable participating shares in issue at the beginning of the financial year 45,047, ,851, Shares issued during the financial year 17,656, ,464, Shares redeemed during the financial year (30,770, ) (9,269, ) Redeemable participating shares in issue at the end of the financial year 31,933, ,047,

49 JOHCM Global Opportunities Fund JOHCM Global Opportunities Fund JOHCM Japan Dividend Growth Fund JOHCM Japan Dividend Growth Fund 31 Dec Dec Dec Dec , , ,270 64,984 50,774 17,962 14,349 6, ,854 20,232 44,727 48,188 (82,785) (28,870) (60,363) (17,193) 306, , , , ,189, ,145, ,814, ,110, ,118, ,386, ,979, ,911, (54,490, ) (25,343, ) (52,977, ) (17,206, ) 186,816, ,189, ,815, ,814,

50 Statement of changes in net assets attributable to holders of redeemable participating shares continued JOHCM US Small Mid Cap Equity Fund 31 Dec 2016 JOHCM US Small Mid Cap Equity Fund 31 Dec 2015 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 3,820 3,323 Increase/(decrease) in net assets attributable to holders of redeemable participating shares 3, CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 5, Payments on redemption of shares (168) (6) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 12,296 3,820 Redeemable participating shares in issue at the beginning of the financial year 5,251, ,988, Shares issued during the financial year 7,092, , Shares redeemed during the financial year (118, ) (5, ) Redeemable participating shares in issue at the end of the financial year 12,226, ,251, * JOHCM European Concentrated Value Fund launched on 31 March ** JOHCM Global Smaller Companies Fund launched on 31 March

51 JOHCM European Concentrated Value Fund 31 Dec 2016 JOHCM European Concentrated Value Fund* 31 Dec 2015 JOHCM Global Smaller Companies Fund 31 Dec 2016 JOHCM Global Smaller Companies Fund** 31 Dec 2015 Total 31 Dec 2016 Total 31 Dec ,063-2,807-7,093,614 5,939, (106) 844 (207) 1,315, ,605 1,485 3,169-3,014 2,657,690 3,497,627 (106) (2,770,045) (2,495,038) 5,116 3,063 3,651 2,807 8,296,354 7,093,614 4,362, ,461, ,911, ,362, ,461, (127, ) ,146, ,362, ,461, ,461,

52 50

53 JOHCM Continental European Fund A Sub-Fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 52 Schedule of investments Transferable securities admitted to an official stock exchange listing 53 Derivatives: open foreign currency contracts 56 Geographic division of investments 57 Economic division of investments 58 Principal portfolio changes 59 JOHCM Continental European Fund 51

54 JOHCM Continental European Fund Investment Management Report for the year ended 31 December 2016 Paul Wild, CFA Senior Fund Manager 19 years industry experience Joined JOHCM in March 2003 Performance The JOHCM Continental European Fund returned 19.01%, net of fees and in sterling terms for the A share class, for the calendar year The MSCI Europe ex UK NR Index (midday adjusted) returned 18.89% over the same period. Investment Background 2016 started with widespread investor worries, as markets focused on inter-related problems: a slowdown in China, the falling oil price and the strength of the US dollar. European markets were then bolstered in March by news of the ECB s decision to expand its quantitative easing programme beyond expectations, with asset purchases rising by 20bn per month to 80bn, starting in April. Shares prices made progress over April and May before selling off heavily following the Brexit result in late June amid fears of political contagion across Europe. Markets ended the second quarter down in euro terms but ahead in sterling terms as sterling depreciated sharply. We witnessed a surprisingly strong bounce back in July. European stock markets took solace from a variety of factors, including even lower bond yields, resilient credit markets, strong US stock markets, political expedience in the UK that saw a new prime minister swiftly installed, a reasonable start to the earnings season and widespread talk of fiscal expansionary policies. Although August and September were fairly quiet months, beneath the surface we saw quite a change at the sector level, including a very strong rebound in the banks sector. This strength in the banks was partly due to relatively appealing valuations and some better-than-feared earnings reports. Sector rotations continued through October as we began to see a shift towards more value-driven areas. The catalyst was the rebound in inflation expectations and bond yields. The Trump presidential victory added significant further fuel to the unwinding of fixed income over-valuation, with bonds posting significant losses. Elsewhere, OPEC defied the naysayers in committing to its first supply reduction in eight years, prompting a 10% surge in spot prices which were also bolstered by a further commitment from non- OPEC countries to restrict supply. The Italian referendum on constitutional reform was a main focus towards the end of the year, but yet again, as seen earlier in 2016, the negative result was taken surprisingly well by the markets. Prime Minister Renzi resigned as promised, eventually being replaced by Foreign Minister Paolo Gentiloni, although the prospect of a general election later in 2017 now potentially lies ahead. Fund Review The Fund finished fractionally ahead for 2016 as a whole. Whilst this result is somewhat lacklustre on a standalone basis given we are active managers, this outcome is pleasing in the sense that it does mean the Fund has maintained its record of beating the benchmark in every calendar year since Over 2016 we made good returns from energy and financials but suffered in technology, utilities and healthcare. The portfolio s marginal outperformance in 2016 was driven primarily by stock selection, although our overweight positions in industrials and energy contributed positively. Stock picking within financials was particularly strong, with Societe Generale the top performer in the sector. DSM, Philips and Thyssenkrupp were also strong contributors for the year. Topping the laggards list were Bayer, Banco Santander and Nokia, which disappointed with its outlook for Outlook 2016 saw the bursting of the bond bubble, the turn in commodities prices and the subsequent outperformance of more value-related areas of the stock market. Looking ahead, we expect many of these trends to continue in And with the continuation of reasonable levels of economic growth, we are hopeful that the previously elusive ingredient of earnings growth will at last materialise across Europe. Paul Wild Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 52

55 JOHCM Continental European Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets AUSTRIA Erste Group Bank 277 EUR 5,768 6, ,768 6, BELGIUM Ageas 652 EUR 18,809 20, KBC Groep 226 EUR 9,226 11, ,035 32, CZECH Moneta Money Bank 6,339 CZK 16,401 16, ,401 16, DENMARK AP Moller - Maersk 22 DKK 25,127 28, Pandora 356 DKK 32,126 37, ,253 65, FINLAND Amer Sports 887 EUR 18,976 19, ,976 19, FRANCE Alstom 1,010 EUR 18,261 22, Altran Technologies 1,369 EUR 15,579 16, Arkema 173 EUR 13,978 13, AtoS 322 EUR 19,861 27, AXA 1,504 EUR 24,980 30, BNP Paribas 294 EUR 11,400 15, Bouygues 696 EUR 16,932 20, Cap Gemini 256 EUR 18,725 17, Cie de Saint-Gobain 797 EUR 25,780 29, Cie Generale des Etablissements Michelin 291 EUR 21,263 26, Criteo 427 USD 13,546 14, Danone 535 EUR 27,615 27, Orange 2,370 EUR 28,194 29, Peugeot 708 EUR 8,108 9, Publicis Groupe 328 EUR 17,138 18, Renault 322 EUR 22,682 23, Sanofi 571 EUR 36,868 37, Societe Generale 1,219 EUR 41,309 48, Total 486 EUR 15,511 20, Vallourec 2,289 EUR 8,657 12, Veolia Environnement 136 EUR 2,203 1,

56 JOHCM Continental European Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets FRANCE Vinci 794 EUR 40,715 43, continued Vivendi 1,927 EUR 27,646 29, , , GERMANY Allianz 466 EUR 59,258 62, BASF 434 EUR 30,568 32, Bayer 573 EUR 45,421 48, Deutsche Boerse 254 EUR 14,882 16, Deutsche Post 1,225 EUR 27,282 32, Deutsche Telekom 2,479 EUR 30,522 34, Fresenius Medical Care 109 EUR 7,043 7, Lanxess 314 EUR 15,491 16, Linde 192 EUR 25,237 25, Merck 301 EUR 20,331 25, ProSiebenSat.1 Media 773 EUR 22,991 24, SAP 255 EUR 15,753 18, Siemens 364 EUR 33,974 36, ThyssenKrupp 994 EUR 18,481 19, , , GREAT BRITAIN Royal Dutch Shell 2,301 EUR 46,057 51, ,057 51, IRELAND Cairn Homes 9,490 EUR 7,493 10, CRH 849 EUR 19,683 23, ,176 34, ITALY Eni 2,975 EUR 33,791 39, Saipem 37,206 EUR 14,489 17, ,280 56, NETHERLANDS ABN AMRO Group 1,622 EUR 28,436 29, ASR Nederland 558 EUR 9,830 10, Basic-Fit 1,449 EUR 17,005 19, Heineken 136 EUR 8,499 8, Koninklijke Ahold Delhaize 2,863 EUR 44,558 48, Koninklijke Philips 1,755 EUR 34,236 43, Wolters Kluwer 1,195 EUR 32,292 35, , ,

57 JOHCM Continental European Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SPAIN ACS Actividades de Construccion y Servicios 1,001 EUR 22,486 25, Banco Santander 5,323 EUR 20,952 22, Merlin Properties Socimi 1,951 EUR 17,490 17, ,928 65, SWEDEN Svenska Cellulosa 380 SEK 8,892 8, ,892 8, SWITZERLAND Credit Suisse Group 861 CHF 10,521 9, Nestle 433 CHF 22,669 25, Novartis 457 CHF 25,917 27, Roche Holding 369 CHF 65,938 68, Syngenta Reg. 34 CHF 9,658 10, UBS Group 2,108 CHF 26,136 26, , , Transferable securities admitted to an official stock exchange listing 1,497,646 1,658,

58 JOHCM Continental European Fund Schedule of investments as at 31 December 2016 B) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg EUR 54 GBP (46) RBC Investor Services Luxembourg EUR 6,091 GBP (5,202) RBC Investor Services Luxembourg EUR 13 GBP (11) RBC Investor Services Luxembourg GBP 15 EUR (18) RBC Investor Services Luxembourg EUR 347 GBP (296) RBC Investor Services Luxembourg GBP 174 EUR (204) (1) RBC Investor Services Luxembourg GBP 3,502 EUR (4,110) (26) RBC Investor Services Luxembourg EUR 844 GBP (720) RBC Investor Services Luxembourg GBP 4 EUR (5) RBC Investor Services Luxembourg GBP 95 EUR (110) RBC Investor Services Luxembourg USD 204 EUR (194) (1) RBC Investor Services Luxembourg EUR 18 GBP (15) RBC Investor Services Luxembourg GBP 1,751 EUR (2,043) (2) RBC Investor Services Luxembourg EUR 527 GBP (452) RBC Investor Services Luxembourg GBP 227 EUR (265) RBC Investor Services Luxembourg EUR 338 GBP (290) RBC Investor Services Luxembourg GBP 312 EUR (364) RBC Investor Services Luxembourg CHF 2,105 EUR (1,958) RBC Investor Services Luxembourg GBP 223,325 EUR (262,458) (2,079) (0.13) RBC Investor Services Luxembourg GBP 51,531 EUR (60,560) (479) (0.03) RBC Investor Services Luxembourg USD 32,124 EUR (30,831) (377) (0.02) RBC Investor Services Luxembourg USD 46,926 EUR (45,037) (552) (0.03) Total as at 31 December 2016 (3,483) (0.21) Total as at 31 December

59 JOHCM Continental European Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 France Germany Netherlands Switzerland Denmark Spain Italy Great Britain Ireland Belgium Finland Czech Sweden Austria Portugal Total investments Open foreign currency contracts (0.21) 0.03 Total investments at fair value through profit or loss Other net assets/(liabilities) 0.86 (1.24) Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was 89.27% (2015: 88.63%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 57

60 JOHCM Continental European Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Banks and financial institutions Pharmaceuticals and cosmetics Construction and building materials Chemicals Petrol Graphic art and publishing Insurance Internet software News transmission Transportation Electronics and electrical equipment Consumer goods Food and distilleries Retail Holding and finance companies Electronic semiconductor Other Services Automobile Industry Tyre and rubber Mines and heavy machinery Real estate companies Office equipment and computers Mechanics and machinery Forest products and paper industry Tobacco and spirits Public services Aerospace technology Leisure Total investments Open foreign currency contracts (0.21) 0.03 Total investments at fair value through profit or loss Other net assets/(liabilities) 0.86 (1.24) Total net assets attributable to redeemable participating shareholders

61 JOHCM Continental European Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Allianz 1, ,906 Siemens 1, ,739 Deutsche Telekom 8,301 99,540 Novartis 1,670 91,710 AXA 5,472 88,522 Danone 1,566 78,745 Nestle 1,427 75,494 Banco Santander 21,216 74,540 Renault 1,138 72,973 Bayer ,215 Eni 6,635 71,494 Vinci 1,263 67,731 Orange 5,709 67,012 KBC Groep 1,770 66,994 Royal Dutch Shell 3,278 65,400 Total 2,101 64,423 Societe Generale 1,928 62,692 Roche Holding ,838 Vivendi 4,390 61,189 Nokia 13,927 60,911 PURCHASES Merck ,849 NN Group 2,585 59,578 Peugeot 5,254 58,810 Koninklijke Philips 2,894 55,644 Intesa Sanpaolo 28,172 54,569 Pandora ,550 ThyssenKrupp 3,930 53,530 Koninklijke Ahold 3,489 52,414 Carrefour 2,634 50,140 Atlantia 2,650 50,111 Deutsche Post 2,280 48,015 Alstom 2,642 47,176 Veolia Environment 2,849 46,761 ABN AMRO Group 2,757 44,620 Airbus 1,020 44,366 BNP Paribas 1,151 44,172 Novo Nordisk 1,190 43,890 Wolters Kluwer 1,588 42,988 Cie de Saint-Gobain 1,407 42,542 59

62 JOHCM Continental European Fund Schedule of investments as at 31 December 2016 Principal portfolio changes continued Security Name Quantity 000 Proceeds 000 Security Name Quantity 000 Proceeds 000 SALES Novartis 2, ,615 AXA 6, ,748 Siemens 1, ,185 Allianz 1, ,609 Total 2, ,206 Orange 8,501 99,575 Nokia 23,742 94,442 Deutsche Telekom 7,397 93,193 Airbus 1,886 82,394 Atlantia 4,623 81,707 Bayer 1,123 80,995 Vinci 1,493 77,978 Roche Holding ,724 BNP Paribas 1,931 75,117 Unilever 2,221 74,317 Nestle 1,280 73,335 ING Groep 8,681 71,823 Novo Nordisk 1,833 69,366 SALES Danske Bank 3,418 66,466 Veolia Environment 4,075 64,624 KBC Groep 1,544 64,020 Banco Santander 21,145 61,157 NN Group 2,585 59,837 Renault ,397 Engie 5,116 57,453 Danone 1,031 56,462 Koninklijke Philips 2,870 55,986 Carrefour 2,634 51,874 Koninklijke DSM 1,110 51,573 Peugeot 4,546 50,193 Koninklijke KPN 19,115 50,083 ASML Holding ,815 Merck ,777 SAP ,075 ThyssenKrupp 3,119 46,680 Intesa Sanpaolo 28,172 45,763 60

63 JOHCM UK Growth Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 62 Schedule of investments Transferable securities admitted to an official stock exchange listing 64 Other transferable securities 65 Geographic division of investments 66 Economic division of investments 67 Principal portfolio changes 68 61JOHCM UK Growth Fund

64 JOHCM UK Growth Fund Investment Management Report for the year ended 31 December 2016 Mark Costar Senior Fund Manager 24 years industry experience Joined JOHCM in August 2001 Performance The JOHCM UK Growth Fund returned 9.18%, in sterling terms and net of fees for the A share class, for the calendar year Over the same period the FTSE All-Share Total Return Index (midday adjusted) returned 16.05%. Investment Background A turbulent year politically, which was latterly accompanied by a stark shift in market direction towards value stocks, saw UK equities, perhaps somewhat counter-intuitively, produce strong returns. In a volatile opening quarter UK stocks sold off heavily in January and early in February alongside global markets on a multitude of fears, including a slowdown in China and a tumbling oil price, before bouncing back strongly to finish just slightly down. The second quarter - and to a great degree the year itself from a UK perspective - was defined by the British electorate s poll-defying decision to vote for Brexit in the EU membership referendum in late June, an outcome that had been discounted by most financial and media commentators. The Leave result rocked global stock markets, although the FTSE All-Share index still finished in positive territory for the quarter as share prices quickly recovered. Boosted by sterling s collapse, the FTSE 100 index, dominated by overseas-earning multinational companies, dragged the broader UK stock market higher, a theme that continued for the rest of the year. From a sector perspective, basic materials and oil & gas were the clear winners, benefiting from a sharp recovery in commodities prices, with the oil price boosted towards the end of the year by agreements to cut production. Defying gloomy predictions from a number of commentators including the Bank of England, the UK economy proved resilient in the aftermath of the Brexit vote, with GDP growth proving solid, consumer confidence remaining high and employment data being strong. Economically, it was a fascinating year as governments, including newly-installed Prime Minister May s administration, signalled a shift in policy away from the dominance of monetary policy to promote growth towards fiscal stimulus, a trend that was magnified by the election of Donald Trump in the US presidential election in November, given his promises to spend over US$1 trillion on infrastructure renewal. Fund Review The market backdrop in 2016 was a difficult one for our approach, with stock correlations and macro influence on markets being at unprecedented levels for much of the year. As one might expect, this is not a good environment for a disciplined, bottom-up stock picking style. Our avoidance of expensive defensives was also costly. We have had a long-standing underweight in consumer goods, where we see significant investor complacency given extraordinary valuations and deteriorating fundamentals. Frustratingly, these stocks continued to perform well in an environment of (perceived) safety at any price. However, towards the second half of the year, we started to see the beginnings of a shift away from the over-owned and overpriced defensives to more cyclical areas of the market, a dynamic which was further accelerated by Trump s victory. These conditions should benefit us as bottom-up stock pickers. Over the year we saw strong displays from miners Anglo American and Rio Tinto amid a rally in commodities prices based on expectations of higher growth and rising inflation following Donald Trump s election. On the negative side, Carpetright, Fastjet and Royal Bank of Scotland were the main laggards. Outlook From a UK Growth perspective, the noisy headlines mask two far more important developments that portend very well for future Fund performance. The first is that is we are beginning to see a breakdown in cross-asset correlations (which had persisted at elevated levels for 62

65 JOHCM UK Growth Fund Investment Management Report continued some time), and with it an increase in individual stock dispersion. As a disciplined, bottom-up, stock picking product, this is a backdrop where historically we have generated meaningful alpha. Secondly, there are early signs that the market is beginning to look through short-term earnings noise and reward those companies that are setting down capital and investing proactively for the medium and longer term rather than those who have been giving cash back to shareholders. We have consistently backed companies that invest in their people, systems and infrastructure to create a durable platform for sustainable growth, and it is the dominant theme in portfolio. For a considerable period, such companies have been out of favour, whilst those who have been underinvesting, over-distributing, and quite possibly both, have been basking in the sun. Given we hold many companies with material structural growth opportunities and who have built very meaningful embedded value, a continuation of this dynamic could have a very significant impact. Mark Costar Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 63

66 JOHCM UK Growth Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GERMANY SQS 590 GBP 2,553 3, ,553 3, GREAT BRITAIN 1Spatial 66,625 GBP 4,453 1, i 320 GBP 1,257 2, Anglo American 850 GBP 6,519 9, AstraZeneca 352 GBP 14,237 15, Avacta Group 3,517 GBP 3,883 2, Barclays 5,825 GBP 13,297 12, Blancco Technology Group 2,975 GBP 5,720 6, blur 5,500 GBP 5, BP 4,185 GBP 17,891 21, British American Tobacco 18 GBP Carpetright 2,313 GBP 6,758 3, Chemring 4,748 GBP 7,924 8, Deltex Medical Group 30,420 GBP 2,567 1, Ebiquity 7,676 GBP 8,262 7, Fastjet 10,291 GBP 7,438 1, First Derivatives 392 GBP 4,415 8, GlaxoSmithKline 158 GBP 2,259 2, Goals Soccer Centres 4,395 GBP 7,333 4, Gresham Computing 6,800 GBP 7,289 8, Hargreaves Lansdown 100 GBP 1,232 1, Horizon Discovery 2,700 GBP 4,173 3, HSBC Holdings 1,230 GBP 7,234 8, Imagination Technologies Group 3,332 GBP 6,680 8, Just Retirement Group 3,650 GBP 4,727 5, Koovs 6,700 GBP 5,074 2, Merlin Entertainments 1,875 GBP 8,428 8, NCC 3,755 GBP 7,459 6, NetScientific 4,770 GBP 6,655 3, Non-Standard Finance 7,875 GBP 5,923 4, QinetiQ 3,100 GBP 6,498 8, Rank 2,522 GBP 5,734 4, Renishaw 324 GBP 6,619 8, Rio Tinto 395 GBP 10,160 12,

67 JOHCM UK Growth Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Royal Bank of Scotland 1,885 GBP 5,577 4, continued Royal Dutch Shell 837 GBP 16,645 19, Severfield 10,817 GBP 7,183 8, Sigma Capital 8,300 GBP 5,856 6, Sky 940 GBP 9,258 9, Spirent Communications 2,000 GBP 1,680 1, Standard Chartered 1,550 GBP 9,608 10, Standard Life 2,470 GBP 8,336 9, Venture Life Group 4,401 GBP 4,032 2, Walker Greenbank 942 GBP 1,790 1, YouGov 2,525 GBP 1,486 6, , , JERSEY Experian 530 GBP 7,022 8, Stride Gaming 1,300 GBP 2,968 2, WANdisco 500 GBP 800 1, ,790 12, UNITED STATES Enova Systems 708 GBP 1, Enova Systems Inc 620 GBP HaloSource 10,901 GBP 1, , Transferable securities admitted to an official stock exchange listing 303, , B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Dotdigital Group 13,150 GBP 4,252 7, ,252 7, Other transferable securities 4,252 7, Transferable securities admitted to an official stock exchange listing 308, ,

68 JOHCM UK Growth Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 Great Britain Jersey Germany United States Virgin Islands (UK) Total investments at fair value through profit or loss Other net (liabilities)/assets (0.03) 0.37 Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was 96.05% (2015: 96.97%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 66

69 JOHCM UK Growth Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Internet software Banks and financial institutions Petrol Holding and finance companies Non-ferrous metals Pharmaceuticals and cosmetics Electronic semiconductor Leisure News transmission Aerospace technology Insurance Mines and heavy machinery Biotechnology Other services Retail Healthcare education and social services Textile Various capital goods Mortgage and funding institutions Tobacco and spirits Automobile industry - - Miscellaneous Real estate companies Public services Total investments at fair value through profit or loss Other net (liabilities)/assets (0.03) 0.37 Total net assets attributable to redeemable participating shareholders

70 JOHCM UK Growth Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Merlin Entertainments 2,450 10,970 Standard Chartered 1,600 9,917 Imagination Technologies Group 4,752 9,295 Blancco Technology Group 3,685 7,037 Sky 750 6,982 Renishaw 324 6,619 Anglo American 1,168 6,469 AstraZeneca 141 5,998 Non-Standard Finance 7,875 5,923 Just Retirement Group 4,807 5,661 QinetiQ 2,447 5,638 Lloyds Banking 7,850 5,318 BP 1,160 4,906 Rank 2,037 4,751 NCC 2,133 4,615 Rio Tinto 195 4,151 Thomas Cook Group 4,567 3,726 Experian 250 3,556 Standard Life 1,085 3,532 Carpetright 1,265 3,150 British American Tobacco 70 3,008 Stride Gaming 1,300 2,968 Royal Bank of Scotland 1,275 2,733 Hargreaves Lansdown 205 2,525 Horizon Discovery 1,720 2,392 Chemring 1,750 2,313 Barclays 1,330 2,233 Goals Soccer Centres 2,115 2,169 Ebiquity 1,910 2,015 Fastjet 3,741 1,870 HSBC Holdings 375 1,845 Walker Greenbank 942 1,790 Spirent Communications 2,000 1,680 Royal Dutch Shell 87 1,677 SALES Anglo American 3,068 20,150 3i 2,355 13,322 Rio Tinto ,083 AstraZeneca ,768 Lloyds Banking 18,350 10,352 BP 2,415 9,958 HSBC Holdings 1,945 9,293 Royal Bank of Scotland 3,715 7,911 Old Mutual 4,250 7,886 YouGov 4,215 7,858 Sky 740 6,641 Chemring 4,655 6,517 QinetiQ 2,697 6,132 Thomas Cook Group 8,917 5,969 Accesso Technology Group 458 5,807 Augean 11,963 5,781 Royal Dutch Shell 340 5,750 Standard Life 1,655 5,659 Vectura 3,275 5,323 Ashmore Group 2,226 5,116 NCC 1,628 4,910 Horizon Discovery 3,058 4,857 Just Retirement Group 3,497 4,585 Rank 2,095 4,425 Man 3,054 4,166 GlaxoSmithKline 263 4,123 Barclays 2,205 3,941 Dotdigital Group 7,750 3,715 Experian 235 3,281 Betfair 83 3,178 Imagination Technologies Group 1,419 3,053 Merlin Entertainments 595 2,611 British American Tobacco 53 2,382 WANdisco 1,414 2,367 68

71 JOHCM European Select Values Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 70 Schedule of investments Transferable securities admitted to an official stock exchange listing 72 Other transferable securities 74 OTC financial derivative instruments 74 Derivatives: open foreign currency contracts 75 Geographic division of investments 76 Economic division of investments 77 Principal portfolio changes 78 69JOHCM European Select Values Fund

72 JOHCM European Select Values Fund Investment Management Report for the year ended 31 December 2016 Robrecht Wouters Senior Fund Manager 26 years industry experience Joined JOHCM in September 2003 Performance The JOHCM European Select Values Fund returned 23.16%, net of fees and in sterling terms for the A share class, for the calendar year The MSCI Europe NR Index (midday adjusted) returned 18.75% over the same period. Investment Background European equity markets struggled to make progress in The year started with intensified worries over global economic growth. The oil price continued to weaken, while economic data from China and key developed markets gave no cause for optimism. European stock markets could not escape the gloom, particularly with weaker industrial production data emerging from key markets such as Germany. Nevertheless, this gloom subsided towards the end of the first quarter, with European equity markets recovering from the February lows, boosted by the European Central Bank s decision to cut deposit interest rates and enlarge the scope of its ongoing quantitative easing programmes. April saw European stock markets continue their recovery from their poor start to 2016, with mean reversion driving much of the market rally. In the absence of substantive answers to the big global macroeconomic questions (US interest rates, Chinese growth, Brexit, etc.), stock markets continued their nervous recovery in May, before falling sharply in late June in reaction to the unexpected Brexit vote. However, the investor panic proved shortlived and European equities quickly bounced back as investors anticipated prolonged economic uncertainty to lead to further extension of the current loose central bank policies. August was a quiet month with European equities continuing their recovery path but markets seemed to pause somewhat in September after two strong months of bouncing back from June s lows. Towards the close of the year, the surprise outcome of the US presidential election in November triggered an overwhelming shift in inflation expectations based on President-elect Trump s protectionist and expansionist agenda. This accelerated the bond market sell-off and reinforced the ongoing sector rotation into financials at the expense of long duration cash flow, bond proxies, such as consumer staples, media and telecoms. Equities closed 2016 on a year high, with European equities additionally benefiting from a strong US dollar (rising inflation expectations led the Federal Reserve to increase interest rates) and shrugging off the negative constitutional referendum outcome in Italy. Fund Review The portfolio outperformed materially in 2016, driven partly by strength in its classic value -style investments, such as SBM Offshore, Acerinox, Bekaert and Thyssenkrupp. The outperformance also owed much to strong sector allocation effects, with our significantly overweight position in materials helping to bolster returns despite challenging stock selection within the sector. Stock picking within industrials was unhelpful, but this was more than offset by good stock selection in the consumer discretionary sector. UK-based Coats Group was one of the portfolio s top performers, rallying sharply after the company reached a pension settlement. However, outshining it and other portfolio holdings by some margin was SBM Offshore. The Dutch-based global group advanced on the announcement of a long-awaited settlement agreement with Brazilian authorities regarding alleged improper sales practices over The oil company also reported good results and this, coupled with the initiation of a significant share buyback (indicating strong free cash flow to come), boosted investor sentiment. We established a position in Finnish industrial crane and lifting group Konecranes midway through the year. It swiftly made a positive contribution as the market reacted favourably to its purchase of Demag Cranes. The acquisition of Demag has created the undisputed world leader in industrial lifting and port solutions and is transformational on all fronts: strategically, operationally and financially. Nokia disappointed with its outlook for 2017 and was the portfolio s worst performer. Although 70

73 JOHCM European Select Values Fund Investment Management Report continued the Finnish telecoms equipment company delivered quarterly earnings that matched expectations, the earnings momentum market took fright from management s indications that sales growth (or even flat sales) will be a challenge in Outlook The portfolio s absolute value strategy combines a traditional (i.e. classic ) value focus with the notion that not all free cash flow is worth the same: companies that can reinvest free cash sustainably at higher returns than their cost of capital (i.e. quality value stocks) have a higher intrinsic value than companies with the same free cash flow that can only be reinvested at the cost of capital ( classic value ). The Fund s balanced value-quality strategy should continue to generate superior absolute and relative performance over time. Robrecht Wouters Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 71

74 JOHCM European Select Values Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets BELGIUM Ageas 999 EUR 22,715 32, D'ieteren 1,016 EUR 28,338 36, NV Bekaert 1,008 EUR 21,039 33, , , CANADA Questerre Energy 17,360 CAD 7,546 9, ,546 9, DENMARK ALK-Abello 329 DKK 27,248 35, ,248 35, FINLAND Konecranes 974 EUR 17,274 27, Nokia 25,523 EUR 104, , Wartsila 1,655 EUR 47,134 60, , , FRANCE Danone 1,861 EUR 87,584 95, Imerys 586 EUR 26,471 36, JCDecaux 2,682 EUR 61,607 64, Lagardere 3,069 EUR 57,299 69, Pernod Ricard 742 EUR 52,691 65, Sanofi 571 EUR 34,060 37, SFR Group 2,297 EUR 45,261 52, Technicolor 10,422 EUR 36,955 46, Vivendi 3,678 EUR 48,314 56, , , GERMANY Bayer 444 EUR 33,091 37, Biotest 212 EUR 2,979 2, Biotest Vorzugsaktien 1,907 EUR 27,105 22, Henkel 383 EUR 20,695 32, SAP 978 EUR 43,309 69, ThyssenKrupp 2,684 EUR 37,946 52, , ,

75 JOHCM European Select Values Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Coats Group 88,644 GBP 26,324 48, Liberty Global - Class A 829 USD 19,317 20, Liberty Global - Class C 4,033 USD 84,602 97, Pearson 6,457 GBP 62,358 52, Reed Elsevier 2,521 GBP 20,649 36, Rolls-Royce Holdings 8,733 GBP 64,496 58, Royal Dutch Shell 1,833 GBP 28,589 42, , , ITALY SOL 4,827 EUR 25,352 31, ,352 31, NETHERLANDS Akzo Nobel 1,101 EUR 48,756 55, ASM International 842 EUR 18,385 30, Corbion 2,689 EUR 33,645 58, Heineken Holding 1,488 EUR 61,662 84, SBM Offshore 9,344 EUR 84, , Sligro Food 1,287 EUR 30,517 36, Wolters Kluwer 3,939 EUR 70, , , , SPAIN Acerinox 4,269 EUR 29,475 46, Grifols 4,305 EUR 62,968 69, Laboratorios Farmaceuticos Rovi 2,696 EUR 29,886 28, , , SWEDEN Swedish Match 1,135 SEK 23,247 29, ,247 29, SWITZERLAND Burckhardt Compression Holding 166 CHF 37,543 35, Forbo Holding 20 CHF 11,626 21, ,169 56, UNITED STATES Oracle 3,472 USD 84, , , , Transferable securities admitted to an official stock exchange listing 1,849,768 2,305,

76 JOHCM European Select Values Fund Schedule of investments as at 31 December 2016 B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets CANADA Questerre Energy Corp 1,900 NOK 567 1, , GREAT BRITAIN Rolls-Royce Holdings 334,607 GBP Other transferable securities 902 1, Transferable securities admitted to an official stock exchange listing 1,850,670 2,306, C) OTC financial derivative instruments Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets Options UNITED STATES Put Russel 2000 Index 20/01/ USD 2, Put Russel 2000 Index 28/02/ USD 1, Put Russel 2000 Index 28/02/ USD 3,611 1, Put Russel 2000 Index 30/12/ USD 3, ,233 1, Options 11,233 1, Swaps CAYMAN ISLANDS ASM Pacific Technology (828) HKD (6,555) (543) (0.02) (6,555) (543) (0.02) NETHERLANDS ASM International 157 EUR 5, , Swaps (1,035) (427) (0.02) Total quoted securities - investments 1,860,868 2,308,

77 JOHCM European Select Values Fund Schedule of investments as at 31 December 2016 Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg EUR 53 GBP (45) RBC Investor Services Luxembourg EUR 12 GBP (10) RBC Investor Services Luxembourg GBP 1,131 EUR (1,327) (8) RBC Investor Services Luxembourg GBP 91 EUR (107) (1) RBC Investor Services Luxembourg EUR 318 GBP (271) RBC Investor Services Luxembourg GBP 101 EUR (119) (1) RBC Investor Services Luxembourg GBP 118 EUR (138) RBC Investor Services Luxembourg GBP 328 EUR (383) RBC Investor Services Luxembourg EUR 156 GBP (134) RBC Investor Services Luxembourg GBP 893 EUR (1,042) (1) RBC Investor Services Luxembourg EUR 13,509 GBP (11,594) RBC Investor Services Luxembourg EUR 290 GBP (248) - - Total as at 31 December 2016 (7) - Total as at 31 December

78 JOHCM European Select Values Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 France Netherlands Great Britain Germany Finland Spain United States Belgium Switzerland Denmark Italy Sweden Canada Cayman Islands (0.02) (0.02) Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was % (2015: 82.78%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 76

79 JOHCM European Select Values Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Graphic art and publishing News transmission Tobacco and spirits Internet software Petrol Food and distilleries Chemicals Pharmaceuticals and cosmetics Mines and heavy machinery Mechanics and machinery Biotechnology Holding and finance companies Electronic semiconductor Automobile industry Aerospace Technology Construction and building materials Retail Non-ferrous metals Consumer goods Banks and financial institutions Public services Miscellaneous Total investments Open foreign exchange forward contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

80 JOHCM European Select Values Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Nokia 16,730 65,292 Vivendi 4,707 61,610 Liberty Global - Class C 1,996 46,368 SFR Group 2,297 45,261 Danone ,724 Konecranes 2,056 36,450 JCDecaux 1,515 35,803 Bayer ,091 Laboratorios Farmaceuticos Rovi 2,514 28,083 Pearson 3,303 26,699 Coats Group 88,644 26,324 Oracle ,568 Wolters Kluwer ,085 Heineken Holding ,466 Grifols 1,231 19,098 Technicolor 3,867 17,656 Henkel ,014 Mediaset 7,618 16,165 Acerinox 2,164 15,242 SBM Offshore 1,696 15,013 Rolls-Royce Holdings 2,282 15,006 ThyssenKrupp 1,083 13,830 Lagardere ,366 Wartsila ,463 Liberty Global LiLAC - Class C ,474 Akzo Nobel ,191 Sligro Food 345 9,812 Burckhardt Compression Holding 44 9,739 ALK-Abello 80 8,517 Sanofi 135 7,864 SALES Syngenta Reg ,928 British American Tobacco 1,140 49,530 Konecranes 1,082 29,773 Wolters Kluwer ,193 Mediaset 7,618 23,922 SBM Offshore 1,943 23,553 Acerinox 2,361 21,470 Danone ,424 Vivendi 1,029 17,400 Schindler Holding ,437 Nokia 3,703 14,676 Forbo Holding 15 14,351 ALK-Abello 96 12,139 Pernod Ricard ,802 Reed Elsevier ,534 NV Bekaert ,149 Liberty Global LiLAC - Class C 401 8,828 D'ieteren 244 8,610 Henkel 97 7,898 ThyssenKrupp 473 7,806 SAP 98 6,415 Heineken Holding 109 6,179 Imerys 110 5,918 QSC 5,475 5,346 Oracle 160 5,007 78

81 JOHCM Japan Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 80 Schedule of investments Transferable securities admitted to an official stock exchange listing 82 Derivatives: open foreign currency contracts 84 Geographic division of investments 85 Economic division of investments 86 Principal portfolio changes 87 79JOHCM Japan Fund

82 JOHCM Japan Fund Investment Management Report for the year ended 31 December 2016 Scott McGlashan Senior Fund Manager 40 years industry experience Joined JOHCM in April 2004 Ruth Nash Senior Fund Manager 31 years industry experience joined JOHCM in April 2005 Performance The JOHCM Japan Fund returned 22.82%, net of fees and in sterling terms for the A share class, for the calendar year Over the same period the Topix Total Return Index (midday adjusted) returned 24.37% in sterling terms. Investment Background Japanese equities finished the year broadly flat in yen terms but sterling weakness meant far stronger numbers for UK-based investors. Global markets started the year in nervous fashion, with all eyes on the gyrations of the Chinese stock market. Japan was no exception: the market looked to be heading for its worst ever January until a surprise easing by the Bank of Japan (BoJ) at month end caused indices to rally. February was the Japanese market s first opportunity to give its verdict on the BoJ s introduction of negative interest rates and a 9.3% decline in the Topix Total Return index (in yen terms) indicated that it was not favourable. Currency traders were equally unimpressed and the yen regained its safe haven status, a feature of the first half of 2016 overall. If there was ever any doubt that the Japanese market is often (unfairly) driven by global events, the evidence came in June with the market s extreme reaction to the news that the UK had voted to leave the European Union. On the day the result was announced, the Nikkei index experienced its eighth biggest percentage decline ever, falling by as much as it did immediately after the Great East Japan Earthquake. Brexit may have produced political meltdown in the UK. But its significance for Japan must be less than the 2011 earthquake which produced nuclear meltdown. In recent years, investors knee-jerk reaction at times of intense global uncertainty has been to buy the yen and June was no exception. However, the market recovered its poise in July, with the continued strength of the yen increasing returns for non-yen investors. August was also mildly encouraging, marking two consecutive months of positive returns for the Japanese markets for the first time in 2016, helping to improve investor sentiment. Bond proxy stocks subsequently began to fall out of favour, with cyclicals and financials among the favourites. The Japanese equity market continued its dramatic turnaround in Q4, with the Topix Total Return index rising in yen terms in all three of the final months in In October, the rally was driven partly by better economic data from the US, partly by fading concerns about the European banking sector and partly by a perception that the yen had peaked. Donald Trump s victory and promises of tax cuts and infrastructure spending caused US bond yields to rise. Given that the Bank of Japan had previously made clear its intention to hold Japanese 10-year bond yields at zero, this meant that the interest rate differential between Japan and the US expanded, making it more attractive to hold dollars than yen. The Japanese currency weakened steadily aiding Japan s many large-cap overseasearners. Fund Review The Fund modestly lagged the benchmark over the year, primarily as a result of our overweight position in finance & insurance coupled with challenging stock selection in this sector. For much of the year, the market favoured expensive defensive bond proxies, which provided a material headwind for our aggressively positioned portfolio. However, we began seeing a shift in market leadership towards the latter half of the year, something which Trump s victory helped accelerate. This shift towards value and cyclical stocks meant the Fund was able to recover much of the ground previously lost. On the positive side, stock selection within commerce and construction both contributed positively as did stock selection within real estate. The top performers over the year were Hitachi High-tech, Maeda and Takeuchi Manufacturing. The latter is a maker of mini hydraulic excavators which exports most of its products to the US and Europe. Its share price collapsed in the wake of the UK s Brexit vote but business conditions remain good, the company s high levels of profitability were largely unaffected by yen strength and its single-digit price earnings multiple was too low. The laggards over the year were predominantly within the financials sector. Names of particular note were Fukuoka 80

83 JOHCM Japan Fund Investment Management Report continued Financial Group, Bank of Yokohama and Sumitomo Mitsui Trust, which all underperformed as a result of negative investor sentiment surrounding the BoJ s decision to introduce negative interest rates. However in reality, companies such as Sumitomo Mitsui Trust derives the majority of its revenues from fees rather than loans, and is therefore not severely impacted by a negative interest rate environment. It was also pleasing to see Bank of Yokohama addressing the decline in its share price with its third buyback in 12 months a strong sign of confidence from the board. Outlook Attempting any predictions about 2017 is probably foolhardy. However, it seems that this might be the year in which inflation returns. Amongst the major markets, Japan would react most positively to the return of inflation,but it is not just in its reaction to inflation that the Japanese market stands out from its peers. The market is cheap, profits are rising, the government is stable and popular and shareholder returns are improving all the time. Japan is back. Scott McGlashan Senior Fund Manager Ruth Nash Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 81

84 JOHCM Japan Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Aida Engineering 1,425 JPY 7,647 10, Airport Facilities 1,050 JPY 4,968 4, Aoyama Trading 200 JPY 5,468 5, Casio Computer 550 JPY 6,101 6, Concordia Financial Group 3,000 JPY 11,055 11, Conexio 250 JPY 1,789 2, Daibiru 750 JPY 5,372 5, Denka 2,100 JPY 6,068 7, Doshisha 300 JPY 3,419 4, Fujikura 1,500 JPY 5,515 6, Fukuoka Financial 3,250 JPY 10,324 11, H2O Retailing 525 JPY 5,454 6, Hitachi 2,950 JPY 11,466 12, Hitachi High-Technologies 200 JPY 3,015 6, Hitachi Metals 800 JPY 8,225 8, Honda Motor Co 575 JPY 13,073 13, IBJ Leasing 850 JPY 13,877 15, Ichiyoshi Securities 700 JPY 5,705 4, Iino Kaiun Kaisha 1,650 JPY 6,156 5, Inaba Denki Sangyo 160 JPY 3,062 4, Ines 1,000 JPY 5,222 8, J Front Retailing 575 JPY 4,996 6, Japan Excellent 6 JPY 3,740 5, Japan Securities Finance 1,000 JPY 4,514 4, Kawasaki Heavy Industries 1,650 JPY 4,369 4, Keisei Electric Railway 450 JPY 6,710 8, Kurabo Industries 2,650 JPY 3,173 4, Kyokuto Kaihatsu Kogyo 500 JPY 3,708 5, Kyowa Exeo 735 JPY 5,327 8, Maeda 1,825 JPY 8,902 12, Marusan Securities 625 JPY 4,480 4, Mimasu Semiconductor Industry 400 JPY 2,622 4, Minebea 1,125 JPY 8,226 8, Mitsui-Soko Holdings 1,800 JPY 5,333 4, Nippon Steel & Sumitomo Metal 350 JPY 5,707 6, Nishio Rent All 250 JPY 4,483 6,

85 JOHCM Japan Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Nisshinbo Holdings 800 JPY 4,464 6, continued Nomura Real Estate Holdings 475 JPY 5,749 6, Oiles 300 JPY 3,128 4, Omron 200 JPY 6,162 6, Oyo 455 JPY 4,241 4, Resorttrust 285 JPY 4,222 4, Sankyu 1,350 JPY 3,516 6, Seino Holdings 1,400 JPY 8,787 12, Sekisui House 475 JPY 5,473 6, Shinmaywa Industries 1,800 JPY 9,227 13, Sumitomo Densetsu 500 JPY 4,498 4, Sumitomo Mitsui Trust Holdings 300 JPY 8,110 8, Taiyo Holdings 275 JPY 5,256 8, Takeuchi Manufacturing 365 JPY 3,737 6, Tokai Tokyo Financial Holdings 3,400 JPY 13,325 14, Tokio Marine Holdings 450 JPY 14,231 15, Tokyo Dome 525 JPY 3,229 4, Tokyo Rope Manufacturing 397 JPY 4,102 5, Tokyu Fudosan Holdings 1,375 JPY 5,675 6, Yamada Denki 1,200 JPY 5,284 5, Yamato Kogyo 285 JPY 6,856 6, Yushin Precision Equipment 310 JPY 4,359 6, , , Transferable securities admitted to an official stock exchange listing 352, ,

86 JOHCM Japan Fund Schedule of investments as at 31 December 2016 B) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg JPY 9,835 GBP (68) RBC Investor Services Luxembourg JPY 29,468 GBP (205) RBC Investor Services Luxembourg JPY 13,988 GBP (98) (1) RBC Investor Services Luxembourg JPY 752 GBP (5) RBC Investor Services Luxembourg JPY 247,126 GBP (1,737) (19) RBC Investor Services Luxembourg JPY 4,063 GBP (28) RBC Investor Services Luxembourg GBP 5 JPY (790) RBC Investor Services Luxembourg EUR 4 JPY (472) RBC Investor Services Luxembourg EUR 138 JPY (17,031) RBC Investor Services Luxembourg GBP 158 JPY (22,674) RBC Investor Services Luxembourg GBP 139,145 JPY (20,002,733) RBC Investor Services Luxembourg GBP 38,556 JPY (5,542,627) 10 - Total as at 31 December Total as at 31 December

87 JOHCM Japan Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 Japan Total investments Open foreign currency contracts Total investments at fair value through profit or loss Other net assets/(liabilities) 2.82 (1.80) Total net assets attributable to redeemable participating shareholders

88 JOHCM Japan Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Holding and finance companies Mechanics and machinery Banks and financial institutions Construction and building materials Electronic semiconductor Transportation Electronics and electrical equipment Real estate companies Automobile industry Mines and heavy industries Retail Other services Non-ferrous metals Internet software Leisure Chemicals Business houses Textile News transmission Total investments Open foreign currency contracts Total investments at fair value through profit or loss Other net asset/(liabilities) 2.82 (1.80) Total net assets attributable to redeemable participating shareholders

89 JOHCM Japan Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Hitachi 3,925 14,605 Tokio Marine Holdings ,546 Marusan Securities 1,925 13,797 Tokyu Fudosan Holdings 3,200 13,180 Honda Motor Co ,073 Nissan Motor 1,400 9,851 Nippon Steel & Sumitomo Metal 575 9,027 Sumitomo Mitsui Trust Holdings 635 8,818 Sumitomo Mitsui Financial 350 8,734 Fujikura 2,200 8,062 Casio Computer 715 7,939 Hankyu Hanshin Holdings 1,800 7,910 Mitsui 950 7,758 Sekisui House 675 7,694 Mazda Motor 625 7,548 H2O Retailing 650 6,880 Yamato Kogyo 285 6,856 Omron 200 6,162 Aoyama Trading 210 5,741 Takeuchi Manufacturing 555 5,591 Aozora Bank 2,500 5,479 Yamada Denki 1,200 5,284 Resorttrust 330 4,887 Yushin Precision Equipment 335 4,679 Japan Excellent 7 4,532 Toshiba 1,500 4,420 Kawasaki Heavy Industries 1,650 4,369 Minebea 650 3,954 J Front Retailing 375 3,317 Melco Holdings 250 3,309 Fukuoka Financial 1,000 3,258 Concordia Financial Group 900 3,228 CONEXIO 425 3,029 Keisei Electric Railway 300 2,679 SALES Sumitomo Mitsui Trust Holdings 6,925 22,084 Tokio Marine Holdings ,281 Mazda Motor 1,500 17,113 Mitsui 1,700 16,930 Keisei Electric Railway 1,375 15,172 Hitachi 4,875 15,113 Mitsubishi Electric 1,500 14,608 Japan Excellent 15 13,735 Nippon Steel & Sumitomo Metal ,849 Fukuoka Financial 4,200 10,609 Nissan Motor 1,400 10,575 Nippon Synthetic Chemical Industry 1,650 10,571 Seino Holdings 1,350 10,532 PanaHome 1,716 10,406 THK ,305 Japan Securities Finance 3,000 9,772 Shinmaywa Industries 1,600 9,535 Seria 280 9,459 TDK 220 9,419 Ichiyoshi Securities 1,525 9,311 Sumitomo Mitsui Financial 350 9,205 H2O Retailing 725 9,098 Tokyu 1,750 9,028 Marusan Securities 1,300 8,979 Hankyu Hanshin Holdings 720 8,974 United Arrows 260 8,579 Maeda 1,500 8,535 Press Kogyo 3,200 8,431 Tokyu Fudosan Holdings 1,825 7,796 Nomura Real Estate Holdings 625 7,642 Hitachi Maxell 765 7,635 Daiichikosho 260 7,621 Hitachi High-Technologies 300 7,073 Concordia Financial Group 2,300 6,813 Tokai Tokyo Financial Holdings 1,750 6,719 Kyokuto Kaihatsu Kogyo 725 6,510 Aozora Bank 2,500 6,068 Hitachi Metals 700 5,956 Tokyo Dome 1,175 5,888 Denka 1,900 5,865 Yokogawa Bridge Holdings 900 5,740 Inaba Denki Sangyo 225 5,682 Nishio Rent All 285 5,672 Daibiru 875 5,645 Ines 740 5,563 87

90 88

91 JOHCM Global Select Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 90 Schedule of investments Transferable securities admitted to an official stock exchange listing 92 Derivatives: open foreign currency contracts 94 Geographic division of investments 95 Economic division of investments 96 Principal portfolio changes 97 89JOHCM Global Select Fund

92 JOHCM Global Select Fund Investment Management Report for the year ended 31 December 2016 Christopher Lees, CFA Senior Fund Manager 26 years industry experience Joined JOHCM in September 2008 Performance The JOHCM Global Select Fund returned 21.82% in sterling terms, net of fees for the A share class, in Over the same period the MSCI AC World NR (midday adjusted) returned 29.27%. Investment Background A volatile year in global stock markets was defined by major political shocks in the developed world (Brexit followed by the Trump triumph), rising bond yields as inflation rather than deflation became the new market narrative and an associated change in market leadership away from quality, bond-like equities to value and cyclical sectors. The collapse in sterling s value after the Brexit result created strong returns for sterling-based investors invested in global markets, although the index made more muted gains in US dollar terms. It was a rollercoaster start to 2016, equity markets selling off heavily in the opening weeks of the year on a multitude of fears including worries over a slowing Chinese economy and plunging oil prices. There followed a sharp rebound in late February and March, helped by a recovery in commodities prices. The highlight of the second quarter was the UK electorate s widely unexpected vote to leave the European Union in late June, which triggered a heavy sell-off in global stock markets, albeit investor panic quickly subsided on expectations of more accommodating monetary policy. This market strength extended through the third quarter, led by the more cyclical sectors and stocks. This change in market leadership continued through the final quarter, indeed accelerated after President s Trump electoral triumph in November as investors anticipated increased fiscal stimulus. Another feature of the year was the recovery in commodities prices including oil, a trend that gained further momentum in the final quarter with President-elect Trump s campaign pledge to spend over US$1 trillion in US infrastructure renewal along with an OPEC agreement to cut supply. Recovering materials and energy prices powered strong performances in the energy and materials sectors. Fund Review The portfolio performed strongly for the much of 2016, but underperformed significantly following President Trump s victory in November, resulting in underperformance for 2016 as a whole. In hindsight, the portfolio was too defensive for the post-trump market rotation, as we had expected weak international markets whoever won the election. We were clearly wrong and have made some significant changes to the portfolio, following our process of don t be wrong for long. Underperformance was a function of stock selection, most notably in the technology, energy, industrials and healthcare sectors. Individual laggards include Allergan, Crescent Point Energy, Allscripts Healthcare, and First Solar. Positive contributions, meanwhile, came from our sizeable overweight materials position as well as strong stock picking in the sector. Mining stocks Newcrest Mining, South 32, Franco-Nevada, BHP Billiton and Rio Tinto all made it into the top ten contributors over the year, benefiting from surging commodity prices. Elsewhere, Adidas also performed well. We thought we had a well-balanced portfolio between what we call Scenario 2, namely a new bull market with new cyclical/value leadership at the stock and sector level, and Scenario 3, namely an equity bear market where we focus on cash/gold and companies with low balance sheet leverage. But our underperformance during the postpresidential election market rotation tells us we did not have the right portfolio balance, thus we have followed the process and made some changes. We rebalanced the portfolio back to equally-weighted positions, weeded out the broken US stocks, namely gold mining stocks Franco- Nevada and Newmont Mining, then purchased several new US names that we think are structural winners from the new market/political regime; namely Lazard (financials), US Silica (fracking). Outside of the US, we weeded out the losers, Vestas Wind Systems and Kroton Educacional, to buy the leading global cement stocks CRH and HeidelbergCement. We also started buying into the 90

93 JOHCM Global Select Fund Investment Management Report continued Japanese turnaround stories Nomura and Toshiba, but halfway through buying Toshiba it announced a shock earnings write-down, so we sold the stock and moved on. The main portfolio positions are in materials (recovery growth) and technology (structural growth). We reduced our financials underweight position (they fit the process for the first time in years) and are near zero healthcare and consumer (previous cycle winners). Outlook Brexit and the election of Trump have reminded us that humans are terrible at forecasting events and even worse at forecasting market reactions to those events. While we do not know exactly what a Trump presidency will bring, or Brexit for that matter, we do have a very high conviction that these and other anti-establishment votes around the world confirm the end of the previous status quo. We are therefore challenging ourselves to keep an open mind and think beyond the QE-distorted markets of the past seven years as a new journey has begun with the promise of fiscal stimulus taking over from monetary stimulus. In our process language, this means avoiding Scenario 1, namely beneficiaries of QE such as bond proxies and long duration growth stocks. These stocks benefited the most from the move to negative interest rates, so are now benefiting the least from the normalisation of interest rates. Our process usually struggles during periods of significant market rotation (as was the case in 2016) but then locks onto the new themes/trends/stocks as long-term mean reversion followed by medium-term momentum of fundamentals, valuation and price are important parts of our process. For the past five years we have focused on industries and stocks with the strongest trend in earnings revisions and returns on equity (ROE). This fundamental momentum was the key indicator because earnings and ROE were in sharp decline around the world. Markets are now anticipating a recovery in earnings and ROE, so fundamental momentum remains a powerful indicator of performance but valuation becomes more important than in recent year. Christopher Lees Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 91

94 JOHCM Global Select Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets AUSTRALIA Newcrest Mining 3,450 AUD 24,349 41, South32 27,417 AUD 22,224 44, ,573 85, BERMUDA ISLANDS IHS Markit 1,667 USD 41,848 47, Lazard 1,445 USD 46,023 48, ,871 95, BRAZIL BM&FBovespa 11,824 BRL 33,969 48, ,969 48, CANADA Canadian Natural Resources 1,876 CAD 44,697 48, First Quantum Minerals 4,557 CAD 32,060 38, ,757 87, CAYMAN ISLANDS Alibaba Group Holding 613 USD 45,197 43, Tencent Holdings 2,130 HKD 17,199 42, ,396 85, FRANCE Danone 913 EUR 41,827 46, Total 1,291 EUR 40,172 53, , , GERMANY HeidelbergCement 95 EUR 7,101 7, Infineon Technologies 3,343 EUR 43,208 47, SAP 696 EUR 33,930 49, Siemens 505 EUR 36,826 50, , , GREAT BRITAIN BHP Billiton 3,312 GBP 29,265 42, Rio Tinto 1,480 GBP 33,076 46, ,341 89, HONG KONG Hong Kong Exchanges and Clearing 2,279 HKD 38,153 43, ,153 43, IRELAND Accenture 488 USD 34,880 46, CRH 1,664 EUR 45,345 46, ,225 92,

95 JOHCM Global Select Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets ISRAEL CyberArk Software 1,177 USD 37,510 43, ,510 43, JAPAN Kao 1,108 JPY 40,030 42, Mitsui 3,901 JPY 44,767 43, Nippon Telegraph & Telephone 1,378 JPY 38,624 47, Nomura Holdings 2,351 JPY 10,179 11, NTT DOCOMO 2,523 JPY 32,011 46, Taiheiyo Cement 15,221 JPY 39,270 39, , , NETHERLANDS Koninklijke Ahold Delhaize 2,624 EUR 39,680 44, ,680 44, SOUTH KOREA NAVER 82 KRW 44,989 43, POSCO 256 KRW 37,778 44, ,767 87, UNITED STATES Alcoa 1,937 USD 41,602 45, Alphabet 82 USD 25,168 52, Arconic 3,076 USD 46,812 46, CBOE Holdings 754 USD 35,087 45, Citrix Systems 706 USD 46,515 51, CME Group 480 USD 30,824 45, Facebook 453 USD 25,920 42, Hecla Mining 9,641 USD 52,904 43, Intercontinental Exchange 1,079 USD 36,330 49, International Flavors & Fragrances 468 USD 34,928 45, Intuit 538 USD 46,486 50, McCormick & Co 598 USD 32,605 45, Microsoft 917 USD 32,941 46, Nasdaq 864 USD 33,391 47, NextEra Energy 474 USD 39,147 46, Occidental Petroleum 809 USD 43,196 47, Oracle 1,531 USD 43,533 48, US Silica Holdings 1,109 USD 45,684 51, Walgreens Boots Alliance 705 USD 36,743 47, , , Transferable securities admitted to an official stock exchange listing 1,786,003 2,186,

96 JOHCM Global Select Fund Schedule of investments as at 31 December 2016 B) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg USD 28 EUR (27) RBC Investor Services Luxembourg GBP 1 USD (1) RBC Investor Services Luxembourg EUR 49 USD (51) RBC Investor Services Luxembourg USD 30 GBP (24) RBC Investor Services Luxembourg EUR 360 USD (377) RBC Investor Services Luxembourg USD 1,000 EUR (957) (9) RBC Investor Services Luxembourg USD 260 CAD (352) (1) RBC Investor Services Luxembourg USD 337 EUR (322) (3) RBC Investor Services Luxembourg JPY 311,692 USD (2,680) (12) RBC Investor Services Luxembourg GBP 14 USD (17) RBC Investor Services Luxembourg USD 12 GBP (10) RBC Investor Services Luxembourg USD 19 EUR (18) RBC Investor Services Luxembourg EUR 369 USD (389) RBC Investor Services Luxembourg EUR 1,114 USD (1,177) RBC Investor Services Luxembourg USD 987 EUR (935) (1) RBC Investor Services Luxembourg JPY 337,661 USD (2,885) RBC Investor Services Luxembourg USD 3,060 JPY (358,418) (5) RBC Investor Services Luxembourg JPY 506,564 USD (4,328) RBC Investor Services Luxembourg USD 4,035 JPY (472,619) (6) RBC Investor Services Luxembourg USD 8,659 JPY (1,014,980) (17) RBC Investor Services Luxembourg USD 288 JPY (33,804) RBC Investor Services Luxembourg USD 5,706 JPY (668,854) (12) - Total as at 31 December 2016 (57) - Total as at 31 December 2015 (1) - 94

97 JOHCM Global Select Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 United States Japan Germany France Bermuda Ireland Great Britain South Korea Canada Cayman Islands Australia Brazil Netherlands Hong Kong Israel Switzerland Denmark Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was % (2015: 22.63%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 95

98 JOHCM Global Select Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Internet software Holding and finance companies Mines and heavy industries Petrol News transmission Non-ferrous metals Construction and building material Food and distilleries Other services Pharmaceuticals and cosmetics Precious metals Electronics and electrical equipment Electronic semiconductor Public services Retail Banks and financial institutions Business houses Biotechnology Consumer goods Mechanics and machinery Textile Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

99 JOHCM Global Select Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES PURCHASES Allscripts Healthcare Solutions 6,024 58,521 CyberArk Software 1,800 57,392 Kao 1,495 53,812 Hecla Mining 9,641 52,904 Edwards Lifesciences ,800 Accenture ,188 Vodafone Group 23,101 50,942 Iberdrola 10,422 50,647 Baxalta 1,756 49,547 Siemens ,942 South32 60,272 48,856 Nippon Telegraph & Telephone 1,735 48,631 Infineon Technologies 3,727 48,177 BM&FBovespa - Bolsa de Valores Mercadorias e Futuros 16,992 47,942 Microsoft 1,330 47,748 Alere 1,269 47,727 NAVER 88 47,727 POSCO ,005 First Quantum Minerals 6,678 46,980 Citrix Systems ,515 Intuit ,486 First Solar ,315 Kroton Educacional 13,153 46,251 Koninklijke Ahold 3,074 46,141 Lazard 1,445 46,023 US Silica Holdings 1,109 45,684 Alcoa 6,639 45,465 CRH 1,664 45,345 Alibaba Group Holding ,197 Mitsui 3,901 44,767 Canadian Natural Resources 1,876 44,697 Crescent Point Energy 3,788 44,071 IHS Markit 1,764 43,797 Newmont Mining 1,847 43,688 Oracle 1,531 43,533 Occidental Petroleum ,196 BHP Billiton 4,880 43,127 Rio Tinto 1,891 42,278 Alcoa 1,937 41,602 Hong Kong Exchanges and Clearing 2,447 40,972 NextEra Energy ,147 DreamWorks Animation 1,202 37,295 HeidelbergCement ,348 Taiheiyo Cement 12,791 32,892 Cablevision Systems 1,414 30,511 Toshiba 9,750 27,287 97

100 JOHCM Global Select Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Proceeds 000 Security Name Quantity 000 Proceeds 000 SALES Adidas ,681 Franco-Nevada 1,689 71,666 Reckitt Benckiser ,119 Edwards Lifesciences ,144 Vestas Wind Systems 1,268 60,947 Orange 5,054 58,514 Actelion ,498 Valero Energy 1,401 54,697 Cablevision Systems 2,313 54,675 Broadcom 1,415 53,872 Vodafone Group 23,101 53,309 Japan Exchange 5,401 53,281 Iberdrola 10,422 52,417 China Mobile 7,123 51,780 Airgas ,690 Allscripts Healthcare Solutions 6,024 51,276 Baxalta 1,756 50,598 Samsung Electronics 77 50,451 Newmont Mining 1,847 49,585 Newcrest Mining 5,628 49,483 Priceline Group 64 47,847 SALES Allergan ,528 Sony 3,091 46,212 Gilead Sciences ,094 Celgene ,418 FANUC ,767 Alere 1,269 44,628 South32 32,855 40,113 Alibaba Group Holding ,981 Kroton Educacional 13,153 38,128 DreamWorks Animation 1,202 37,445 First Solar 1,092 35,332 Crescent Point Energy 3,788 34,508 Tencent Holdings 2,185 33,861 Facebook ,622 CME Group ,126 CBOE Holdings ,464 International Flavors & Fragrances ,402 Intercontinental Exchange ,899 SAP ,274 Danone ,747 NTT DOCOMO 1,491 22,829 98

101 JOHCM Emerging Markets Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 100 Schedule of investments Transferable securities admitted to an official stock exchange listing 102 Other transferable securities 106 Derivatives: open foreign currency contracts 107 Geographic division of investments 108 Economic division of investments 109 Principal portfolio changes JOHCM Emerging Markets Fund

102 JOHCM Emerging Markets Fund Investment Management Report for the year ended 31 December 2016 Emery Brewer Senior Fund Manager 25 years industry experience Joined JOHCM in March 2010 Dr Ivo Kovachev Senior Fund Manager 24 years industry experience Joined JOHCM in March 2010 Performance The JOHCM Emerging Markets Fund returned 33.98%, net of fees and in sterling terms for the A share class, in the calendar year Over the same period the MSCI Emerging Markets NR Index (midday adjusted) returned 34.03%. Investment Background It was a year of modest recovery overall for emerging market equities, with the MSCI Emerging markets index enjoying double-digit gains in US dollar terms; the pound s weakness after Brexit made for far stronger returns for sterling-based investors. Concerns over weakness in the Chinese economy and volatility in the Chinese stock market in January and February made for a challenging start to the year before the asset class staged somewhat of a recovery, boosted by the Federal Reserve s more dovish stance on US interest rate rises. Modest progress continued after the UK s shock vote for Brexit raised expectations that the Federal Reserve would refrain from further interest rate rises in the near term, spurring demand for riskier assets. A strong summer quarter followed as risk-on sentiment continued on dovish central bank signals. It was a tough final calendar quarter, however, as Donald Trump s victory in the US presidential election brought uncertainty over US trade and foreign policy, while the prospect of higher US interest rates and further strengthening in the dollar also weighed on investor sentiment. Stock markets and currencies perceived as most sensitive to a tighter global interest rate environment recorded the steepest falls, including Turkey, Malaysia and Indonesia. For the year as a whole, Brazilian equities staged a recovery with Brazil being the best-performing major market, helped in part by the surge in energy and commodity prices over 2017, which boosted commodityproducing markets such as in Latin America. Russian equities also performed strongly, underpinned by a rally in oil prices after OPEC agreed production cuts plus a possible rapprochement with the Putin administration under President Trump. The Indian market lagged after the government s shock announcement in early November that high currency notes were being withdrawn from circulation with virtually immediate effect, a move designed to counter corruption but which caused substantial economic disruption given India is a largely cash-based society. Fund Review The portfolio performed largely in line with the benchmark for Performance was driven entirely by strong stock selection the bedrock of our process which offset modestly negative sector allocation. At the country level, our Taiwanese and Brazilian holdings were the main detractors, whilst our South Korean names performed well. With the Russian equity market enjoying a sharp surge late in the year following the Trump presidential victory alongside a resurgent oil price, many of our Russian holdings (Sberbank, Lukoil and X5 Retail Group) also made it into the top performers for the year. Gerdau was another top performer. The vertically-integrated long steel producer has assets in Brazil and the US and benefited from higher long steel prices and cost-cutting. In addition, expected strong demand from infrastructure spend in both the US and Brazil also boosted its share price. However, the top performer over the year was Sunny Optical, a Chinese lens-manufacturer, benefiting from growth in the advanced driver assistance systems (ADAS) market. In contrast, the largest individual detractor was China Taiping, a Chinese insurance company, which was hit hard in January as high beta Chinese stocks struggled. 100

103 JOHCM Emerging Markets Fund Investment Management Report continued Outlook We continue to be positive on emerging markets. We do not share the concerns that a stronger US dollar may negatively affect the asset class. Throughout much of the 1990s, the dollar was strong yet emerging markets outperformed on a selective basis. We had to avoid a few currency crises here and there but that s part of being selective which, at the end of the day, is our job as active investors. During that period, emerging markets did well for two main reasons: they were cheap, and they were growing. Now, after a relatively poor performance in 2015 but a strong rebound in 2016, the asset class is still cheap, especially on a relative basis. The questionable component was growth, but this began to finally reappear in the second half of last year. We see it, for instance, through the earnings revision ratio, which is improving both in terms of the number of names and the magnitude of the upwards earnings revisions. And that should continue with anticipated higher growth due to Trump s economic policies. Even the widely-anticipated strength of the US dollar is not necessarily guaranteed if Trump tries to help US manufacturing. We anticipate many emerging markets will benefit (again) from the a growing differential in developed and emerging world interest rates, providing tempting carry trade opportunities for investors. Emery Brewer Senior Fund Manager Dr Ivo Kovachev Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 101

104 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets ARGENTINA YPF 8 USD AUSTRIA Erste Group Bank 13 EUR BRAZIL Ambev 46 USD Banco Bradesco 51 USD Estacio Participacoes 16 BRL Gerdau 114 USD Lojas Renner 26 BRL MRV Engenharia e Participacoes 48 BRL Sul America 33 BRL Telefonica Brasil 38 USD Vale 21 USD ,601 1, CANADA Parex Resources 29 CAD SEMAFO 54 CAD CAYMAN ISLANDS Airtac International 49 TWD Alibaba Group Holding 7 USD ANTA Sports Products 146 HKD China State Construction International Holdings 190 HKD JD.com 10 USD Lee & Man Paper Manufacturing 428 HKD Sunny Optical Technology 34 HKD Tencent Holdings 31 HKD ,110 2, CHILE Sociedad Quimica y Minera de Chile 5 USD

105 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets CHINA Angang Steel 581 HKD China Shenhua Energy 100 HKD CITIC Securities 143 HKD Fuyao Glass Industry Group 120 HKD Great Wall Motor 153 HKD Industrial & Commercial Bank of China 1,326 HKD PetroChina 9 USD ,999 2, CZECH Moneta Money Bank 96 CZK GREAT BRITAIN Anglo American 21 ZAR Evraz 15 GBP Hikma Pharmaceuticals 7 GBP HONG KONG China Mobile 41 HKD China Taiping Insurance Holdings 184 HKD Galaxy Entertainment Group 88 HKD HUNGARY OTP Bank 14 HUF Richter Gedeon 16 HUF INDIA Adani Ports & Special Economic Zone 35 INR Apollo Tyres 93 INR Axis Bank 68 INR Bank of Baroda 63 INR NCC Ltd 287 INR NTPC 139 INR Rural Electrification 123 INR SKS Microfinance 17 INR Tata Motors 5 USD Zee Entertainment Enterprises 43 INR ,896 2,

106 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets INDONESIA Bank Rakyat Indonesia Persero 500 IDR Bumi Serpong Damai 494 IDR Telekomunikasi Indonesia Persero 1,299 IDR ITALY PRADA 45 HKD MALAYSIA CIMB Group Holdings 104 MYR MAURITIUS ISLANDS Golden Agri-Resources 741 SGD MEXICO Cemex SAB de CV 44 USD Coca-Cola Femsa SAB de CV 2 USD Grupo Financiero Banorte 94 MXN Grupo Mexico 30 MXN Wal-Mart de Mexico 161 MXN ,133 1, NETHERLANDS X5 Retail 18 USD Yandex 8 USD POLAND Polski Koncern Naftowy ORLEN 9 PLN Powszechny Zaklad Ubezpieczen 36 PLN PORTUGAL Jeronimo Martins 28 EUR RUSSIA Gazprom 25 USD Lukoil 11 USD Sberbank of Russia 67 USD ,

107 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH AFRICA Gold Fields 41 ZAR Naspers 4 ZAR Nedbank Group 27 ZAR SOUTH KOREA Advanced Process Systems 10 KRW E-MART 2 KRW LG Display 5 KRW Mando 2 KRW NAVER - KRW POSCO 2 KRW Samsung Electronics 1 KRW 737 1, Samsung Techwin 5 KRW Shinhan Financial 10 KRW SK Hynix 15 KRW ,734 3, TAIWAN Advanced Semiconductor Engineering 338 TWD Cathay Financial Holding 411 TWD Delta Electronics 56 TWD FLEXium Interconnect 76 TWD Hon Hai Precision Industry 150 TWD Nanya Technology 71 TWD Shin Kong Financial Holding 310 TWD Taiwan Semiconductor Manufacturing 35 USD ,118 2, THAILAND Bangkok Expressway & Metro 1,278 THB Land & Houses 679 THB Siam Commercial Bank 60 THB TURKEY Tupr Turkiye Petrol Rafinerileri 9 TRY

108 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets UNITED STATES Gran Tierra Energy 88 CAD Transferable securities admitted to an official stock exchange listing 20,695 24, B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH KOREA Vieworks 5 KRW UNITED ARAB EMIRATES Emaar Properties 124 AED Other transferable securities Transferable securities admitted to an official stock exchange listing 20,998 25,

109 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 C) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg USD 2 BRL (7) RBC Investor Services Luxembourg USD 24 ZAR (322) RBC Investor Services Luxembourg HKD 362 USD (47) RBC Investor Services Luxembourg USD 1 GBP (1) RBC Investor Services Luxembourg GBP - USD RBC Investor Services Luxembourg USD - GBP Total as at 31 December Total as at 31 December

110 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 South Korea Cayman Islands Taiwan China India Brazil Russia Mexico Hong Kong South Africa Indonesia Netherlands Hungary Thailand Canada Great Britain Poland Portugal Austria Czech United States United Arab Emirates Mauritius Islands Turkey Italy Chile Argentina Malaysia Philippines Netherlands Bermuda Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was % (2015: 10.26%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 108

111 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Banks and financial institutions Electronic semiconductor Petrol Holding and finance companies Mines and heavy machinery Retail Internet software News transmission Construction and building materials Insurance Pharmaceuticals and cosmetics Automobile Industry Electronics and electrical equipment Textile Mechanics and machinery Other services Graphic art and publishing Real estate companies Photography and optics Transportation Leisure Consumer goods Non-Ferrous Metals Tires and rubber Office equipment and computers Tobacco and spirits Public services Agriculture and fishing Chemicals Food and Distilleries Precious metals Miscellaneous Business houses Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

112 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Alibaba Group Holding PetroChina POSCO Telefonica Brasil SK Hynix NAVER Cathay Financial Holding Shinhan Financial Samsung Electronics Yandex Taiwan Semiconductor Manufacturing Banco Bradesco Tata Motors Sberbank of Russia Lukoil Nedbank Group Airtac International NCC Ltd Hon Hai Precision Industry Gerdau China Mobile Grupo Financiero Banorte Ambev Cemex SAB de CV Gold Fields Jeronimo Martins Angang Steel NTPC Axis Bank Mando China Taiping Insurance Holdings SALES China Mobile Samsung Electronics Taiwan Semiconductor Manufacturing Sunny Optical Technology Tung Thih Electronic SM Prime Holdings 1, Yuhan Telekomunikasi Indonesia Persero 2, China Vanke Lotte Chemical Pan American Silver Aurobindo Pharma Wal-Mart de Mexico BDO Unibank LG Axis Bank Banco Bradesco Sberbank of Russia Central Pattana SKS Microfinance Shinhan Financial Samsung Techwin Gold Fields Tencent Holdings Eurocash China Taiping Insurance Holdings Lukoil Telefonica Brasil Erste Group Bank Hypermarcas X5 Retail Tata Motors

113 JOHCM Global Emerging Markets Opportunities Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 112 Schedule of investments Transferable securities admitted to an official stock exchange listing 114 Other transferable securities 116 Derivatives: open foreign currency contracts 117 Geographic division of investments 118 Economic division of investments 119 Principal portfolio changes 120 JOHCM Global Emerging Markets Opportunities Fund 111

114 JOHCM Global Emerging Markets Opportunities Fund Investment Management Report for the year ended 31 December 2016 James Syme, CFA Senior Fund Manager 22 years industry experience Joined JOHCM in May 2011 Paul Wimbourne Senior Fund Manager 18 years industry experience Joined JOHCM in April 2011 Performance The JOHCM Global Emerging Markets Opportunities Fund returned 26.34%, net of fees and in sterling terms for the A share class, in Over the same period the MSCI Emerging Markets NR Index (midday adjusted) returned 34.03%. Investment Background It was a year of modest recovery overall for emerging market equities, with the MSCI Emerging markets index enjoying double-digit gains in US dollar terms; the pound s weakness after Brexit made for far stronger returns for sterling-based investors. Concerns over weakness in the Chinese economy and volatility in the Chinese stock market in January and February made for a challenging start to the year before the asset class staged somewhat of a recovery, boosted by the Federal Reserve s more dovish stance on US interest rate rises. Modest progress continued after the UK s shock vote for Brexit raised expectations that the Federal Reserve would refrain from further interest rate rises in the near term, spurring demand for riskier assets. A strong summer quarter followed as risk-on sentiment continued on dovish central bank signals. It was a tough final calendar quarter, however, as Donald Trump s victory in the US presidential election brought uncertainty over US trade and foreign policy, while the prospect of higher US interest rates and further strengthening in the dollar also weighed on investor sentiment. Stock markets and currencies perceived as most sensitive to a tighter global interest rate environment recorded the steepest falls, including Turkey, Malaysia and Indonesia. For the year as a whole, Brazilian equities staged a recovery with Brazil being the best-performing major market, helped in part by the surge in energy and commodity prices over 2017, which boosted commodityproducing markets such as in Latin America. Russian equities also performed strongly, underpinned by a rally in oil prices after OPEC agreed production cuts plus a possible rapprochement with the Putin administration under President Trump. The Indian market lagged after the government s shock announcement in early November that high currency notes were being withdrawn from circulation with virtually immediate effect, a move designed to counter corruption but which caused substantial economic disruption given India is a largely cash-based society. Fund Review It was tough year for the Fund, primarily as a result of challenging stock picking in China and to a lesser extent Brazil. The investment process is largely based on topdown country allocation decisions, but this also proved a hindrance over the year, with our overweight position in India proving unhelpful while being underweight Brazil also hurt relative returns; we maintain these respective overand underweight exposures. More positively, stock selection in India and South Korea contributed well, whilst having no exposure to both Malaysia and Mexico also helped. At the individual stock level, our Korean and Taiwanese export-focused technology names dominated the top performers, with Samsung Electronics topping the list. Other notable contributions came from SK Hynix and Largan Precision. On the negative side, China Overseas Land & Investment, Haier Electronics Group and LG Household & Health were the main laggards. Investors in China Overseas Land & Investment panicked after the wellrespected former chairman and CEO Hao Jianmin stepped down without explanation. Elsewhere, LG Household & Health suffered as a result of political tensions between China and South Korea following South Korea s decision to deploy a US missile defence system. LG Household & Health relies on Chinese consumers purchasing its cosmetic products. 112

115 JOHCM Global Emerging Markets Opportunities Fund Investment Management Report continued Outlook A significant proportion of the countries within emerging markets have the potential for strong growth, but the financing of this growth is difficult. Emerging markets tend to perform best when the US Federal Reserve is supportive and dollar capital flows to emerging markets. As this currently is not the case, we need to look for other drivers of growth. We have identified these alternative growth catalysts in two areas. The first is self-help stories, where disinflation, falling interest rates, credit growth and reforms are supportive of the economy and equity market. The second is non-commodity (manufacturing and technology) emerging market exporters, who export to developed countries (rather than China). To that end, we remain significantly overweight in the technology and media space, primarily within South Korea and Taiwan and, selectively, China. Here we find winners (e.g. Tencent, Alibaba, Taiwan Semiconductor Manufacturing Company and Samsung Electronics) in a winner-takes-all world. We are cautious on China overall but have selective exposure through these growth stocks, as well as consumer goods and property-related names. Government stimulus will be highly supportive of consumers and services, but we steer clear of heavy industrials and state-owned enterprises, which are in need of reform. Unlike some, we do not see the prospect of a near-term financial crisis in China, but the country s high level of credit/gdp clearly cannot rise indefinitely. Elsewhere, somewhat consensually, we remain overweight India, where a pick-up in credit growth should be good for economic growth and Indian equities. We continue our underweight positions in Brazil and South Africa and maintain our zero-weighting in Mexico and Turkey, although we watch out for opportunities in oversold markets. Finally, we are generally wary of value plays and commodityrelated markets, although we are positive on Russia James Syme Senior Fund Manager Paul Wimbourne Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 113

116 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets BERMUDA ISLANDS Haier Electronics 3,311 HKD 4,267 4, ,267 4, BRAZIL BRF 286 USD 2,863 3, BRF 349 BRL 4,036 4, ,899 7, CAYMAN ISLANDS Alibaba Group Holding 92 USD 4,452 6, China High Precision Automation 238 HKD China Resources Land 1,104 HKD 1,695 2, ENN Energy Holdings 767 HKD 2,604 2, Hengan International Group 680 HKD 3,996 4, Qinqin Foodstuffs Group Cayman 140 HKD Tencent Holdings 157 HKD 2,774 3, Xinyi Solar Holdings 3,434 HKD ,321 19, CHINA China Construction Bank 4,147 HKD 1,925 2, China Petroleum & Chemical 30 USD 1,264 1, PICC Property & Casualty 1,878 HKD 2,492 2, ,681 6, HONG KONG China Mobile 209 HKD 1,641 1, China Mobile 171 USD 6,003 7, China Overseas Land & Investment 2,392 HKD 4,476 5, Lenovo 4,950 HKD 2,975 2, ,095 16,

117 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets INDIA Apollo Tyres 1,172 INR 2,093 2, Axis Bank 731 INR 2,996 3, HDFC Bank 31 USD 858 1, ICICI Bank 1,093 USD 5,330 6, ITC 1,868 INR 4,297 5, Reliance Industries 94 USD 2,283 2, Reliance Industries 376 INR 3,814 4, Tata Motors 82 INR Tata Motors 210 USD 4,397 5, Yes Bank 334 INR 3,138 4, ,596 38, JERSEY Randgold Resources 98 GBP 6,512 6, ,512 6, POLAND Eurocash 333 PLN 2,865 2, ,865 2, RUSSIA MMC Norilsk Nickel 518 USD 5,249 6, Sberbank of Russia 212 USD 1,705 1, ,954 8, SOUTH AFRICA Naspers 119 ZAR 8,396 14, ,396 14, SOUTH KOREA Hyundai Motor 11 KRW 1,319 1, Hyundai Motor pref. 56 KRW 3,334 3, LG Household & Health Care 9 KRW 4,447 5, NAVER 7 KRW 2,694 3, Samsung Electronics 7 KRW 5,512 9, Samsung Electronics 17 USD 6,237 10, SK Hynix 279 KRW 6,257 8, Youngone 158 KRW 4,002 3, ,802 44,

118 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets TAIWAN Cathay Financial Holding 5,604 TWD 5,284 6, Cleanaway 369 TWD 1,467 1, Fubon Financial Holding 2,280 TWD 1,963 2, Hon Hai Precision Industry 4,180 TWD 6,817 8, Largan Precision 22 TWD 1,081 2, MediaTek 335 TWD 2,638 1, Mega Financial Holding 3,904 TWD 2,282 2, Novatek Microelectronics 987 TWD 2,599 2, Shin Kong Financial Holding 14,532 TWD 2,749 2, Taiwan Semiconductor Manufacturing 746 TWD 2,040 3, Taiwan Semiconductor Manufacturing 339 USD 4,477 8, Yungtay Engineering 1,842 TWD 2,455 2, ,852 45, Transferable securities admitted to an official stock exchange listing 172, , B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets RUSSIA M Video 83 USD M Video 206 RUB 283 1, , SOUTH KOREA Com2uS 32 KRW 2,467 1, ,467 1, Other transferable securities 3,125 3, Transferable securities admitted to an official stock exchange listing 175, ,

119 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2016 C) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg GBP 50 USD (61) RBC Investor Services Luxembourg USD 1,023 THB (36,646) (1) - Total as at 31 December 2016 (1) - Total as at 31 December

120 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 South Korea Taiwan India Cayman Islands Hong Kong South Africa Russia Brazil China Jersey Bermuda Poland Thailand Netherlands Malaysia - Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding for 31 December 2016 was 1.15 % (2015: 1.22%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 118

121 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Electronic semiconductor Banks and financial institutions Holding and finance companies Graphic art and publishing News Transmission Automobile industry Pharmaceuticals and cosmetics Internet software Other services Agriculture and fishing Chemicals Real estate companies Non-ferrous metals Precious metals Tobacco and spirits Electronics and electrical equipment Business houses Food and distilleries Tires and rubber Public services Office equipment and computers Insurance Photography and optics Mechanics and machinery Petrol Miscellaneous Retail Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

122 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Hon Hai Precision Industry 4,180 6,798 Randgold Resources 82 6,051 Tencent Holdings 266 4,539 Hengan International Group 700 4,237 Alibaba Group Holding 71 3,614 LG Household & Health Care 6 3,476 Yes Bank 363 3,410 Tata Motors 144 3,231 Youngone 114 3,079 MMC Norilsk Nickel 309 2,965 Tupr Turkiye Petrol Rafinerileri 197 2,961 Eurocash 343 2,947 BRF 294 2,944 NAVER 7 2,771 Naspers 33 2,701 Com2uS 33 2,537 ICICI Bank 567 2,406 Reliance Industries 96 2,348 Mega Financial Holding 3,904 2,282 Apollo Tyres 1,172 2,093 Samsung Electronics 6 2,014 Reliance Industries 176 1,834 Taiwan Semiconductor Manufacturing 103 1,766 Sberbank of Russia 212 1,705 China Mobile 43 1,607 China Overseas Land & Investment 778 1,602 Lenovo 2,605 1,535 Samsung Electronics 2 1,534 Taiwan Semiconductor Manufacturing 491 1,495 PTT Global Chemical 1,309 1,459 SK Hynix 74 1,413 Cathay Financial Holding 1,697 1,330 China Construction Bank 2,775 1,161 ITC 336 1,135 Haier Electronics 925 1,130 SALES PTT Global Chemical 3,449 4,900 Samsung Electronics 3 3,450 Largan Precision 38 3,294 China Construction Bank 7,398 3,095 Industrial & Commercial Bank of China 8,659 3,044 Phison Electronics 565 3,029 Tupr Turkiye Petrol Rafinerileri 197 2,919 Tencent Holdings 146 2,795 Randgold Resources 30 2,684 LG Household & Health Care 5 2,487 Huaneng Power International 4,181 2,470 HDFC Bank 54 2,414 M Video 614 2,402 China Life Insurance 1,564 2,401 Samsung Electronics 5 2,353 China Petroleum & Chemical 4,994 2,348 Tata Motors 79 2,284 Johnson Electric Holdings 1,070 2,193 Naspers 16 1,840 Tata Consultancy Services 73 1,808 Baidu 16 1,665 Yandex 165 1,481 Taiwan Semiconductor Manufacturing 60 1,420 ICICI Bank 225 1,375 MegaFon 167 1,159 MediaTek

123 JOHCM Asia ex-japan Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 122 Schedule of investments Transferable securities admitted to an official stock exchange listing 123 Other transferable securities 124 Derivatives: open foreign currency contracts 125 Geographic division of investments 126 Economic division of investments 127 Principal portfolio changes 128 JOHCM Asia ex-japan Fund 121

124 JOHCM Asia ex-japan Fund Investment Management Report for the year ended 31 December 2016 Samir Mehta, CFA Senior Fund Manager 26 years industry experience Joined JOHCM in May 2011 Performance The JOHCM Asia ex Japan Fund returned 23.00%, net of fees and in sterling terms for the A share class, in the calendar year Over the same period the MSCI AC Asia ex Japan NR Index (midday adjusted) returned 27.13%. 1 Investment Background The year began shakily for Asian ex Japan equities with Chinese stock markets forced to close early twice within a week in January after a new circuit-breaker mechanism was triggered. Coupled with weak economic data from China, Hong Kong and Chinese stocks experienced a sharp sell-off. After this poor start, investor sentiment generally improved throughout summer and early autumn on expectations the US Federal Reserve would delay its planned interest rate hike following the Brexit vote. However, after the surprise Trump victory, expectations that rate rises were just around the corner intensified creating a difficult end to the year. Korean equities were down after a scandal involving the now impeached president Park Geun-hye alongside protectionist concerns. Elsewhere, Indian Prime Minister Modi abruptly announced the demonetisation of large denomination bank notes, causing widespread chaos given that 98% of transactions are still conducted in cash and the decision had removed 86% of the cash in circulation. Fund Review The Fund underperformed in the 2016 calendar year, in part due to our significant overweight position in India. As the situation in India stabilises with the increasing availability of the new currency notes, our holdings of quality companies, which are beneficiaries of the shift from the unorganised to the organised sector, should rebound and exhibit their resilience. The business models of our Indian holdings are not broken; they are simply affected by the temporary disruption of cash available for transactions. We would be more concerned if there is a structural, long-term negative impact such that it would lead to a permanent de-rating of valuations. As the situation evolves, we will continue to monitor the impact on our holdings and recalibrate our holdings if necessary. Elsewhere, stock picking in Taiwan was a material headwind after Taiwanese stocks hit a four-month low in mid-november amid investor concerns of protectionism and fears that higher US interest rates will spark capital outflows from Taiwan and the rest of Asia. The final quarter also saw a de-rating in some of our quality, long-term growth stocks as rising bond yields and a change in market leadership towards value and cyclical stocks placed pressure on more quality names. On the positive side, stock selection in China was helpful, with many of our Chinese names making it into the top contributors including Macau-based resort developer Sands China and social media giant Weibo. Other individual stocks of note include lens-maker Largan Precision and Taiwanese blind and shutter manufacturer Nien Made. In contrast, Ramco Systems, China Traditional Medicine and Makalot Industrial topped the list of detractors. Outlook Looking ahead, liquidity and growth are a clear constant challenge, although we expect to add some more cyclicality in the portfolio. In the core portfolio, we are reassessing a couple of names that are exposed to trade, and the US in particular, which could be buffeted by currency volatility. Samir Mehta Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 1 Adjusted for 12pm 122

125 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets CAYMAN ISLANDS AAC Technologies Holdings 1,829 HKD 8,098 13, CK Hutchison Holdings 1,507 HKD 12,732 13, Sands China 4,524 HKD 10,332 15, Tencent Holdings 1,573 HKD 20,086 31, Weibo 414 USD 9,447 13, ,695 88, CHINA Anhui Conch Cement 4,275 HKD 7,874 9, Beijing Capital International Airport 19,643 HKD 13,663 16, China Life Insurance 4,521 HKD 7,794 9, PetroChina 15,294 HKD 7,412 9, ,743 44, HONG KONG China Mobile 3,165 HKD 24,586 27, Sun Hung Kai Properties 928 HKD 8,161 9, ,747 36, INDIA Amara Raja Batteries 1,401 INR 10,731 14, Asian Paints 1,422 INR 12,196 15, Bajaj Auto 444 INR 10,578 13, Cummins India 747 INR 7,759 7, Emami 1,104 INR 12,041 12, ICICI Bank 1,399 USD 8,494 8, Ramco Systems 1,100 INR 3,341 4, Vedanta 2,343 INR 5,884 6, Zee Entertainment Enterprises 2,708 INR 10,376 14, ,400 97, INDONESIA AKR Corporindo 39,865 IDR 11,710 14, Gudang Garam 4,269 IDR 14,965 16, Indofood CBP Sukses Makmur 30,838 IDR 11,547 15, ,222 46, SINGAPORE Keppel Corp 730 SGD 2,529 2, ,529 2,

126 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH KOREA Doosan Bobcat 204 KRW 4,991 4, Hanssem 67 KRW 8,615 9, KT&G 169 KRW 10,042 11, POSCO 53 KRW 8,249 9, ,897 34, TAIWAN Delta Electronics 3,597 TWD 13,175 14, Giant Manufacturing 1,444 TWD 7,286 6, King Slide Works 748 TWD 6,496 7, Largan Precision 258 TWD 14,530 24, Makalot Industrial 2,557 TWD 11,267 7, Nien Made Enterprise 1,578 TWD 8,240 13, Taiwan Paiho 3,752 TWD 6,291 8, Taiwan Semiconductor Manufacturing 2,470 TWD 7,694 11, ,979 94, THAILAND Thai Beverage 30,228 SGD 12,564 14, ,564 14, Transferable securities admitted to an official stock exchange listing 371, , B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets TAIWAN PChome Online 1,934 TWD 15,101 13, ,101 13, Other transferable securities 15,101 13, Transferable securities admitted to an official stock exchange listing 386, ,

127 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2016 C) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg USD 16 GBP (13) RBC Investor Services Luxembourg USD 16 EUR (15) RBC Investor Services Luxembourg EUR 9 USD (10) RBC Investor Services Luxembourg EUR 4 USD (4) RBC Investor Services Luxembourg GBP 18 USD (22) RBC Investor Services Luxembourg EUR 27 USD (28) RBC Investor Services Luxembourg GBP 46 USD (57) RBC Investor Services Luxembourg USD 29 EUR (28) RBC Investor Services Luxembourg USD 5 EUR (5) RBC Investor Services Luxembourg USD 7 GBP (6) RBC Investor Services Luxembourg EUR 61 USD (64) - - Total as at 31 December Total as at 31 December 2015 (2) - 125

128 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 Taiwan India Cayman Islands Indonesia China Hong Kong South Korea Thailand Singapore Philippines Luxembourg Bermuda Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was Nil % (2015: 2.37%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 126

129 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Internet software Tobacco and spirits Photography and optics Electronic semiconductor Chemicals Electronics and electrical equipment News transmission Business houses Transportation Holding and finance companies Textile Leisure Food and distilleries Mines and heavy industries Automobile industry Insurance Real estate companies Construction and building material Petrol Consumer goods Banks and financial institutions Mechanics and machinery Pharmaceuticals and cosmetics Public services Retail Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

130 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Proceeds 000 Security Name Quantity 000 Proceeds 000 PURCHASES Gudang Garam 4,451 15,603 Thai Beverage 30,228 12,564 Weibo 414 9,447 POSCO 59 9,196 Hanssem 67 8,615 ICICI Bank 1,399 8,494 Sun Hung Kai Properties 928 8,161 Anhui Conch Cement 4,275 7,874 China Life Insurance 4,521 7,794 Taiwan Semiconductor Manufacturing 2,360 7,470 Sands China 3,293 7,452 Nien Made Enterprise 1,395 7,421 PetroChina 15,294 7,412 Largan Precision 112 6,793 Tencent Holdings 420 6,782 China Mobile 826 6,705 Vedanta 2,343 5,884 Indofood CBP Sukses Makmur 22,997 5,207 Makalot Industrial 1,289 5,137 Doosan Bobcat 204 4,991 PChome Online 601 4,943 Asian Paints 454 4,884 AKR Corporindo 12,281 4,390 Zee Entertainment Enterprises 815 4,107 Amara Raja Batteries 400 3,883 SALES China Traditional Chinese Medicine 30,110 11,575 Universal Robina 3,236 9,644 Glenmark Pharmaceuticals 1,126 8,511 Dr Reddy's Laboratories 280 8,355 Samsung Fire & Marine Insurance 40 7,568 L'Occitane International 5,613 7,356 Infosys 532 6,907 Johnson Electric Holdings 2,768 5,392 Sands China 1,509 4,678 Emperador 41,257 4,613 King Slide Works 410 3,957 Giant Manufacturing 818 3,867 BGF retail 35 3,687 Tencent Holdings 177 3,171 AAC Technologies Holdings 499 2,323 Indofood CBP Sukses Makmur 4,202 2,181 Taiwan Semiconductor Manufacturing 455 1,978 BYD Electronic International 6,508 1,961 Zee Entertainment Enterprises 482 1,936 Largan Precision 23 1,873 Asian Paints 171 1,790 AKR Corporindo 4,790 1,728 KT&G 17 1,221 PChome Online 172 1,172 POSCO 6 1,148 Bajaj Auto 130 3,652 CK Hutchison Holdings 407 3,639 KT&G 48 3,520 Emami 295 3,490 Delta Electronics 865 2,945 Beijing Capital International Airport 3,534 2,883 AAC Technologies Holdings 419 2,849 Keppel Corp 730 2,529 Giant Manufacturing 512 2,339 BGF retail 20 2,

131 JOHCM Asia ex-japan Small and Mid-Cap Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 130 Schedule of investments Transferable securities admitted to an official stock exchange listing 131 Other transferable securities 133 Derivatives: open foreign currency contracts 134 Geographic division of investments 135 Economic division of investments 136 Principal portfolio changes 137 JOHCM Asia ex-japan Small and Mid-Cap Fund 129

132 JOHCM Asia ex-japan Small and Mid-Cap Fund Investment Management Report for the year ended 31 December 2016 Cho-Yu Kooi, CFA Senior Fund Manager 21 years industry experience Joined JOHCM in May 2011 Performance The JOHCM Asia ex-japan Small and Mid-cap Fund returned 11.37% in sterling terms, net of fees for the A share class, in Over the same period the MSCI AC Asia ex-japan Small and Mid-cap Index (midday adjusted) returned 17.80%. Investment Background Asian equities started the year shakily as fears over the slowdown of economic growth in China hampered investor sentiment. However, equities soon recovered from the savage sell-off in January to end Q1 in positive territory. In the second quarter, Asia ex Japan small and mid-cap equities ended the quarter largely flat in US dollar terms. Jitters over an impending interest rate hike by the US Federal Reserve in the summer and a stronger US dollar reminded investors about the sell-off in markets at the start of the year. June was a highly volatile month, with markets taking a dive in the aftermath of an unexpected vote to leave the European Union by the United Kingdom. As the dust settled and the news sunk in, Asian markets managed to claw back all their losses to post positive returns. We saw a broad-based rally in July with August and September also proving positive for Asian equities. Investors brushed aside Brexit-related worries and focused on positive news flow, such as the strong rebound in US employment data and the semblance of economic stability returning to China, as seen in the 6.7% real GDP growth number in the second quarter and the improving housing market. In the final quarter, we saw a major reversal of global bond yields as rumblings of fiscal policy started to be heard more frequently. This led to a sell-off of defensive, higher yielding stocks such as telecoms, utilities and healthcare names, which investors have favoured for a while. The final quarter was marked by the surprise victory of Donald Trump in the US presidential election on the eighth of November and, later the same day, Indian Prime Minister Modi s abrupt announcement of the demonetisation of high denomination currency notes (Rs.1000 and Rs.500) to fight unaccounted income and counterfeit notes. The overnight move plunged India into chaos given that the notes accounted for about 85% of currency in circulation and the fact that up to 98% of transactions in India are still done in cash. The Indian equity market sold off sharply in the aftermath of the demonetisation. Fund Review The Fund underperformed the index over the year with negative stock selection more than offsetting positive sector exposure effects. Our significant overweight position in India was the main laggard at the country level following the demonetisation exercise. The Indian government s well-intentioned move has created major business disruptions in the short term. The silver lining is that the demonetisation, together with the impending roll-out of the goods and services tax in the second quarter this year, will likely see the organised sector gain share from the unorganised sector; the latter usually pays little or no taxes and is guilty of operating in Prime Minister Modi s targeted black economy. There are concerns that more measures will be taken to crackdown on corruption and black money holders, which, while it is beneficial in the long term, could cause a sharp contraction in economic growth, especially against the still lingering disruption to businesses from the demonetisation exercise and the impending implementation of a Goods and Services Tax around the middle of As such, while we remain convinced about the strong fundamental business models of our Indian holdings, we felt it would be prudent to trim our positions and pare our weightings in India. We have redeployed the proceeds in Hong Kong, Taiwan and Korea. Our Taiwanese names performed well, with our overweight position benefiting relative performance in addition to strong stock selection. Elsewhere, our underweight position in South Korea also helped as President Park Geunhye became embroiled in a corruption scandal. The top individual contributors for the year were Egis Technology, Minth Group, Taiwan Paiho and Sunny Optical. The main detractors include China Traditional Chinese Medicine, Ramco Systems and Pax Global Technology. Cho-Yu Kooi Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 130

133 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets BERMUDA ISLANDS Johnson Electric Holdings 676 HKD 1,535 1, ,535 1, CAYMAN ISLANDS Bizlink Holding 245 TWD 1,100 1, Convenience Retail Asia 2,986 HKD 1,232 1, Minth Group 580 HKD 733 1, Nexteer Automotive Group 2,268 HKD 1,518 2, Silergy 109 TWD 903 1, Sunny Optical Technology 567 HKD 1,222 2, ,708 9, INDIA Bajaj 252 INR 1,002 1, Berger Paints India 312 INR Britannia Industries 50 INR 1,386 1, Castrol India 206 INR Emami 154 INR 1,536 1, GlaxoSmithKline Consumer Healthcare 13 INR Jyothy Laboratories 78 INR Kajaria Ceramics 112 INR Ramco Systems 225 INR 1, WABCO India 17 INR 989 1, ,239 9, INDONESIA AKR Corporindo 2,754 IDR 1, Arwana Citramulia 44,679 IDR 1,401 1, Nippon Indosari Corpindo 18,395 IDR 1,242 1, Sumber Alfaria Trijaya 37,046 IDR 1,241 1, Surya Citra Media 7,790 IDR 1,306 1, ,381 6, LUXEMBOURG L'Occitane International 849 HKD 1,249 1, ,249 1,

134 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets MALAYSIA Karex 4,574 MYR 1,684 1, ,684 1, PHILIPPINES Bloomberry Resorts 12,145 PHP 1,250 1, ,250 1, SINGAPORE Delfi 936 SGD 1,132 1, Raffles Medical Group 1,806 SGD 1,200 1, Singapore O&G 156 SGD ,432 2, SOUTH KOREA SPC Samlip 7 KRW 1, Tonymoly 59 KRW 1, ,423 1, TAIWAN Basso Industry 557 TWD 1,218 1, Cub Elecparts 209 TWD 1,830 1, Egis Technology 283 TWD 873 1, Ennoconn 142 TWD 1,338 1, King Slide Works 123 TWD 907 1, Nien Made Enterprise 175 TWD 1,246 1, Posiflex Technology 285 TWD 959 1, Taiwan Paiho 764 TWD 1,026 1, Voltronic Power Technology 77 TWD ,214 12,

135 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2016 B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH KOREA Com2uS 12 KRW Loen Entertainment 28 KRW 1,521 1, ,342 2, TAIWAN Advanced Ceramic X 142 TWD ememory Technology 111 TWD 841 1, PChome Online 229 TWD 1,740 1, Poya International 91 TWD Sumeeko Industries 408 TWD 1,010 1, ,298 5, Other transferable securities 7,640 7, Transferable securities admitted to an official stock exchange listing 50,755 56,

136 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2016 C) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets USD 9 GBP (7) SGD 10 USD (7) GBP 7 USD (9) EUR 28 USD (29) USD 80 HKD (624) GBP 25 USD (31) EUR 15 USD (15) EUR 20 USD (21) USD 19 GBP (16) - - Total as at 31 December Total as at 31 December

137 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 Taiwan India Cayman Islands Indonesia South Korea Singapore Malaysia Bermuda Luxembourg Philippines United States Hong Kong Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net (liabilities)/assets (0.03) 7.10 Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was 2.30% (2015: 3.66%) ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 135

138 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Business houses Internet software Automobile industry Food and distilleries Office equipment and computers Electronic semiconductor Chemicals Electronics and electrical equipment Holding and finance companies Pharmaceuticals and cosmetics Photography and optics Retail Textile Graphic art and publishing Other services Mechanics and machinery Consumer goods Construction and building material Healthcare education and social services States, provinces and municipalities Public services Construction and building materials Mines and heavy industry Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net (liabilities)/assets (0.03) 7.10 Total net assets attributable to redeemable participating shareholders

139 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES United States Treasury Bill 0% 28/01/2016 5,500 3,756 Britannia Industries 86 2,385 United States Treasury Bill 0% 04/02/2016 3,346 2,326 Cub Elecparts 252 2,207 Ennoconn 229 2,157 United States Treasury Bill 0% 31/03/2016 3,095 2,150 United States Treasury Bill 0% 24/03/2016 3,043 2,142 United States Treasury Bill 0% 10/03/2016 3,025 2,140 United States Treasury Bill 0% 03/03/2016 2,974 2,077 United States Treasury Bill 0% 18/02/2016 3,000 2,058 United States Treasury Bill 0% 25/02/2016 2,891 2,004 Raffles Medical Group 1,001 1,971 Egis Technology 640 1,968 United States Treasury Bill 0% 14/04/2016 2,779 1,954 United States Treasury Bill 0% 17/03/2016 2,696 1,946 Surya Citra Media 10,914 1,829 Sunny Optical Technology 781 1,678 Cummins India 178 1,662 Arwana Citramulia 49,285 1,545 PURCHASES Loen Entertainment 28 1,521 Emami 138 1,481 United States Treasury Bill 0% 28/04/2016 2,068 1,453 Sumeeko Industries 547 1,393 Tonymoly 59 1,391 Bizlink Holding 310 1,391 Berger Paints India 770 1,349 Amara Raja Batteries 147 1,323 Bloomberry Resorts 12,786 1,316 King Slide Works 178 1,312 Nien Made Enterprise 183 1,303 Nippon Indosari Corpindo 18,683 1,262 Sumber Alfaria Trijaya 37,046 1,241 Convenience Retail Asia 2,986 1,232 Basso Industry 557 1,218 AKR Corporindo 2,754 1,191 Silergy 143 1,177 United States Treasury Bill 0% 21/04/2016 1,648 1,171 Delfi 936 1,132 My EG Services 5,071 1,069 SPC Samlip 7 1,032 Karex 3,740 1,027 Innovalues 1, ememory Technology Poya International United States Treasury Bill 0% 07/04/2016 2,168 1,

140 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Proceeds 000 Security Name Quantity 000 Proceeds 000 SALES United States Treasury Bill 0% 28/01/2016 8,500 5,962 IndusInd Bank 240 3,014 My EG Services 7,151 2,782 PAX Global Technology 4,795 2,691 United States Treasury Bill 0% 14/01/2016 3,856 2,670 China Medical System Holdings 2,691 2,531 China Traditional Chinese Medicine 8,096 2,345 United States Treasury Bill 0% 04/02/2016 3,346 2,293 United States Treasury Bill 0% 24/03/2016 3,043 2,156 Minth Group 998 2,156 United States Treasury Bill 0% 31/03/2016 3,095 2,153 United States Treasury Bill 0% 10/03/2016 3,025 2,127 United States Treasury Bill 0% 03/03/2016 2,974 2,114 United States Treasury Bill 0% 18/02/2016 3,000 2,095 United States Treasury Bill 0% 25/02/2016 2,891 2,075 Berger Paints India 766 2,064 United States Treasury Bill 0% 14/04/2016 2,779 1,956 United States Treasury Bill 0% 17/03/2016 2,696 1,913 Egis Technology 357 1,836 Tung Thih Electronic 266 1,777 Kingdee International Software 7,710 1,771 SALES Emami 143 1,676 Silergy 188 1,626 Cummins India 178 1,618 Ramco Cements 418 1,587 Nan Liu Enterprise 499 1,586 ememory Technology 208 1,582 Taiwan Paiho 693 1,544 United States Treasury Bill 0% 07/04/2016 2,168 1,539 Amara Raja Batteries 147 1,536 Merida Industry 471 1,524 PChome Online 178 1,457 United States Treasury Bill 0% 28/04/2016 2,068 1,422 Stella International Holdings 831 1,398 Britannia Industries 36 1,246 Castrol India 282 1,240 Posiflex Technology 321 1,232 Jyothy Laboratories 302 1,197 WABCO India 19 1,169 Pidilite Industries 197 1,154 Makalot Industrial 339 1,152 United States Treasury Bill 0% 21/04/2016 1,648 1,144 Innovalues 1,991 1,141 Pacific Textiles Holdings 1,132 1,119 EVA Precision Industrial Holdings 16,702 1,109 Raffles Medical Group 1,285 1,088 Mahindra CIE Automotive 583 1,011 Jubilant Foodworks

141 JOHCM Global Opportunities Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 140 Schedule of investments Transferable securities admitted to an official stock exchange listing 142 Derivatives: open foreign currency contracts 144 Geographic division of investments 145 Economic division of investments 146 Principal portfolio changes 147 JOHCM Global Opportunities Fund 139

142 JOHCM Global Opportunities Fund Investment Management Report for the year ended 31 December 2016 Ben Leyland, CFA Senior Fund Manager 13 years industry experience Joined JOHCM in April 2006 Performance The JOHCM Global Opportunities Fund returned 27.17%, net of fees and in sterling terms for the A share class, over the calendar year The MSCI AC World NR Index (midday adjusted) returned 29.27% in sterling terms over the same period. Investment Background A volatile year in global stock markets was defined by major political shocks in the developed world (Brexit followed by the Trump triumph), rising bond yields as inflation rather than deflation became the new market narrative and an associated change in market leadership away from quality, bond-like equities to value and cyclical sectors. The collapse in sterling s value after the Brexit result created strong returns for sterling-based investors invested in global markets, although the index made more muted gains in US dollar terms. Entering 2016, we expected volatility to remain elevated and the first quarter did not disappoint. A double-digit fall in the MSCI AC World index (in US dollar terms) in the first six weeks of the year was followed by a complete recovery by the end of Q1. The change of direction in the US dollar, which peaked in late January before falling over 5%, was a notable turning point. It generated relief for emerging markets and commodities but concern for Japan, in particular, where much of the previous enthusiasm, especially among foreign investors, had centred on the benefits to exporters of a weak currency. In Q2, the MSCI AC World index was almost exactly flat in US dollar terms, but that hid some significant rotation under the surface, almost all of which happened in the final week of the quarter in the wake of the UK s EU membership referendum and shock Brexit vote. In one sense, this was a classic flight to safety: sovereign bond yields fell and defensive sectors outperformed cyclical sectors. Equity markets rallied strongly in Q3 from their post-brexit referendum lows. In sector terms, this rally was led by technology and commodities, whilst the modest recovery in government bond yields caused declines in the defensive sectors. Asia, including both Japan and emerging markets, was by some way the best-performing region. Markets continued to rally in Q4 but market leadership changed significantly, particularly after the US presidential election. Technology and emerging markets gave way to a very strong rotation in favour of financials and the US. Fund Review The portfolio marginally underperformed the benchmark over the period under review. The largest drag upon performance was our large cash balance during a period of rising markets. This high cash balance reflected our adherence to our absolute valuation discipline and our willingness to hold cash when absolute valuations are unattractive. From a regional perspective, a significant underweight exposure to the United States and overweight position in Continental Europe was unhelpful, albeit our stock picking within Europe was a notable positive. At the individual stock level, UK outsourcing company Capita was the clear loser after issuing profit warnings. We continue to own the stock as there is still no evidence that its core business is structurally broken, in which case the shares are extremely cheap. That said, we are frustrated by the decision to repair the balance sheet via disposals (uncertain and slow) rather than cleanly and quickly, with a rights issue. So although we are marginal buyers, we are waiting for completion of the disposal process before increasing our position size materially. As part of learning lessons from Capita, we sold Amcor and Rockwell Collins towards the end of the year because acquisitions had taken balance sheet leverage beyond where we felt comfortable. 140

143 JOHCM Global Opportunities Fund Investment Management Report continued In general, the market rotation towards the end of the year removed what little value there was left in the equity market: what has rallied is no longer cheap and what has fallen is not yet attractive. Dispersion of valuations around a very high average has fallen considerably, and this has reduced our ability to find value in more cyclical areas of the market. We are getting back to the type of market we described in 2014 as having nowhere to hide. As industrial stocks have performed strongly, we have reduced weights in names like Woodward, Union Pacific and Wartsila. Conversely, we have leaned against the rotation to increase positions in areas of weakness, in particular regulated US utilities with strong growth prospects, such as Edison International, where we increased our position, and Sempra Energy, which we added to the portfolio. Outlook For some time we have resisted the temptation to turn a blind eye to high equity valuations because falling government bond yields justified a lower discount rate. We thought lower risk-free rates were more than compensated by the need to cut growth expectations and/ or increase risk premia. Now we have an environment of rising yields and plenty of reasons to demand a high risk premium. Unusually for a US election year, 2016 ended with even more political uncertainty than it started with. It is, of course, possible that we see growth pick up from here but the headwinds of debt and demographics, about which we heard so much in the middle of the year, remain significant. So we remain cautious and conscious of downside risk. We remain unenthused by the outlook for long-term returns to equity investors. Ben Leyland Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 141

144 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets FINLAND Wartsila 178 EUR 5,192 6, ,192 6, FRANCE Sanofi 112 EUR 6,518 7, ,518 7, GERMANY SAP 64 EUR 3,300 4, ,300 4, GREAT BRITAIN Capita 1,673 GBP 14,419 8, Cobham 3,857 GBP 5,642 6, Compass Group 535 GBP 6,754 7, Travis Perkins 506 GBP 7,298 7, ,113 30, HONG KONG China Mobile 1,041 HKD 8,597 8, ,597 8, JAPAN Ain Holdings 150 JPY 7,357 8, Inpex 1,498 JPY 9,598 12, Japan Tobacco 358 JPY 9,420 9, Sugi Holdings 188 JPY 7,411 7, ,786 37, JERSEY Wolseley 153 GBP 5,646 7, ,646 7, NETHERLANDS Reed Elsevier 564 EUR 5,990 7, Unilever 231 EUR 7,075 7, Wolters Kluwer 306 EUR 7,029 9, ,094 24, PORTUGAL Galp Energia 630 EUR 5,272 7, ,272 7, SWITZERLAND Burckhardt Compression Holding 28 CHF 6,051 5, Syngenta Reg. 21 CHF 5,740 6, ,791 12,

145 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets UNITED STATES Cognizant Technology Solutions 174 USD 6,645 7, Dollar General 120 USD 6,876 7, Edison International 140 USD 6,951 8, MasterCard 81 USD 5,089 6, Oracle 417 USD 11,389 13, Public Service Enterprise Group 245 USD 7,505 8, Sempra Energy 96 USD 7,646 7, TD Ameritrade Holding 265 USD 5,985 9, TJX Cos 114 USD 5,823 6, Union Pacific 106 USD 6,386 8, United Technologies 109 USD 7,826 9, Woodward 76 USD 2,574 4, ,695 99, Transferable securities admitted to an official stock exchange listing 215, ,

146 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2016 B) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg EUR 13 USD (14) RBC Investor Services Luxembourg USD 21 GBP (17) RBC Investor Services Luxembourg GBP 35 USD (43) RBC Investor Services Luxembourg GBP 40 USD (49) RBC Investor Services Luxembourg USD 1,214 EUR (1,162) (10) RBC Investor Services Luxembourg USD 192 GBP (157) RBC Investor Services Luxembourg USD 237 EUR (226) (2) RBC Investor Services Luxembourg EUR 3 USD (4) RBC Investor Services Luxembourg GBP 14 USD (17) RBC Investor Services Luxembourg USD 70 GBP (57) RBC Investor Services Luxembourg USD 113 EUR (107) RBC Investor Services Luxembourg USD 926 GBP (752) RBC Investor Services Luxembourg EUR 106 USD (112) - - Total as at 31 December 2016 (12) - Total as at 31 December

147 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 United States Japan Great Britain Netherlands Switzerland Hong Kong Portugal Jersey France Finland Germany Australia Ireland Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was % (2015: 29.96%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 145

148 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2015 % Net Assets 2015 Internet software Public services Petrol Graphic art and publishing Holding and finance companies Aerospace technology Pharmaceuticals and cosmetics Construction and building material Retail Mechanics and machinery Tobacco and spirits News transmission Transportation Leisure Consumer goods Chemicals Banks and financial institutions Electronics and electrical equipment Healthcare Education and Social Services Precious Metals Package and Container Industry Other services Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

149 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Capita 1,436 11,451 China Mobile 1,095 9,021 Sanofi 150 8,700 Cie Financiere Richemont 181 8,075 Travis Perkins 557 8,026 Sugi Holdings 202 7,957 Wolseley 210 7,766 Inpex 1,326 7,720 Sempra Energy 96 7,646 Cobham 4,763 7,423 Japan Tobacco 257 7,419 Ain Holdings 150 7,354 Rockwell Collins 112 7,302 Cognizant Technology Solutions 168 6,990 Dollar General 120 6,876 Oracle 226 6,694 Wartsila 227 6,618 Public Service Enterprise Group 188 6,110 TD Ameritrade Holding 271 5,822 Burckhardt Compression Holding 27 5,791 Unilever 172 5,604 Compass Group 396 5,345 Edison International 97 5,345 MasterCard 79 5,130 United Technologies 66 4,981 TJX Cos 82 4,738 Union Pacific 75 4,698 Wolters Kluwer 158 4,483 Reed Elsevier 313 3,926 Galp Energia 354 3,224 Mandom 96 3,181 Syngenta Reg. 11 3,076 ITC 927 2,972 SALES Cie Financiere Richemont 181 9,363 Rockwell Collins 112 7,506 Mandom 178 6,164 Experian 450 6,156 Amcor 662 5,838 WW Grainger 32 5,120 Edenred 359 5,091 Zimmer Biomet Holdings 45 4,225 ITC Holdings 135 3,963 ITC 1,311 3,894 Baxalta 133 3,752 Woodward 89 3,698 TD Ameritrade Holding 139 3,675 MasterCard 50 3,615 Johnson Matthey 116 3,354 Cognizant Technology Solutions 73 3,243 Procter & Gamble 58 3,233 Compass Group 230 3,082 Cobham 1,745 2,926 SAP 44 2,914 Accenture 36 2,861 Inpex 358 2,723 BG 253 2,624 Wolters Kluwer 91 2,579 Wolseley 58 2,548 Union Pacific 38 2,471 Sanofi 38 2,452 Reed Elsevier 196 2,385 Imperial Tobacco 62 2,300 Edison International 40 2,086 Galp Energia 196 1,992 Wartsila 49 1,706 Capita 168 1,499 SAP 46 2,644 Edenred 192 2,

150 148

151 JOHCM Japan Dividend Growth Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 150 Schedule of investments Transferable securities admitted to an official stock exchange listing 152 Derivatives: open foreign currency contracts 153 Geographic division of investments 154 Economic division of investments 155 Principal portfolio changes 156 JOHCM Japan Dividend Growth Fund 149

152 JOHCM Japan Dividend Growth Fund Investment Management Report for the year ended 31 December 2016 Scott McGlashan Senior Fund Manager 38 years industry experience Joined JOHCM in April 2004 Ruth Nash Senior Fund Manager 31 years industry experience joined JOHCM in April 2005 Performance The JOHCM Japan Dividend Growth Fund returned 23.29%, net of fees and in sterling terms for the A share class, for the calendar year Over the same period the Topix 100 Index (midday adjusted) returned 24.06% in sterling terms. Investment Background Japanese equities finished the year broadly flat in yen terms but sterling weakness meant far stronger numbers for UK-based investors. Global markets started the year in nervous fashion, with all eyes on the gyrations of the Chinese stock market. Japan was no exception: the market looked to be heading for its worst ever January until a surprise easing by the Bank of Japan (BoJ) at month end caused indices to rally. February was the Japanese market s first opportunity to give its verdict on the BoJ s introduction of negative interest rates and a 9.3% decline in the Topix Total Return index (in yen terms) indicated that it was not favourable. Currency traders were equally unimpressed and the yen regained its safe haven status, a feature of the first half of 2016 overall. If there was ever any doubt that the Japanese market is often (unfairly) driven by global events, the evidence came in June with the market s extreme reaction to the news that the UK had voted to leave the European Union. On the day the result was announced, the Nikkei index experienced its eighth biggest percentage decline ever, falling by as much as it did immediately after the Great East Japan Earthquake. Brexit may have produced political meltdown in the UK. But its significance for Japan must be less than the 2011 earthquake which produced nuclear meltdown. In recent years, investors knee-jerk reaction at times of intense global uncertainty has been to buy the yen and June was no exception. However, the market recovered its poise in July, with the continued strength of the yen increasing returns for non-yen investors. August was also mildly encouraging, marking two consecutive months of positive returns for the Japanese markets for the first time in 2016, helping to improve investor sentiment. Bond proxy stocks subsequently began to fall out of favour, with cyclicals and financials among the favourites. The Japanese equity market continued its dramatic turnaround in Q4, with the Topix Total Return index rising in yen terms in all three of the final months in In October, the rally was driven partly by better economic data from the US, partly by fading concerns about the European banking sector and partly by a perception that the yen had peaked. Donald Trump s victory and promises of tax cuts and infrastructure spending caused US bond yields to rise. Given that the Bank of Japan had previously made clear its intention to hold Japanese 10-year bond yields at zero, this meant that the interest rate differential between Japan and the US expanded, making it more attractive to hold dollars than yen. The Japanese currency weakened steadily aiding Japan s many large-cap overseasearners. Fund Review The Fund marginally lagged the benchmark over the year, primarily as a result of our overweight position in real estate and weakness within our holding in the transport & communications sector. Despite the real estate overweight position being a headwind we continue to believe that prospects for the real estate market look exciting. Vacancy rates are falling, rents are increasing and foreign interest is growing. The Bank of Japan is currently engaging in a monetary stimulus package of unprecedented scale, and in a real estate market as undervalued as Japan s, this is likely to lead to higher prices. On the positive side, stock selection within manufacturing proved constructive, with our manufacturing names accounting for nine of the portfolio s top ten contributors. Individual stocks of note included Tokyo Electron, Seiko Epson and Toyota Motor. Following President Trump s victory, the market spent much of November and December searching for companies likely to benefit from the policies of the new US administration. Softbank is seen as close to the Trump White House because its president 150

153 JOHCM Japan Dividend Growth Fund Investment Management Report continued secured a meeting with Mr Trump in New York shortly after his election victory. We suspect that it will take more than a photo-opportunity at Trump Tower to secure an advantage in the new America First economy. However, not owning Softbank was one of the biggest negative contributors to our performance in The main individual laggard owned within the portfolio was Kawasaki Heavy Industries. Outlook Attempting any predictions about 2017 is probably foolhardy. However, it seems that this might be the year in which inflation returns. Amongst the major markets, Japan would react most positively to the return of inflation. But it is not just in its reaction to inflation that the Japanese market stands out from its peers. The market is cheap, profits are rising, the government is stable and popular and shareholder returns are improving all the time. Japan is back. Scott McGlashan Senior Fund Manager Ruth Nash Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 151

154 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Bridgestone 80 JPY 1,969 2, Concordia Financial Group 775 JPY 3,120 3, Dai Nippon Printing 240 JPY 1,932 1, Daiwa Securities 585 JPY 2,838 2, Fuji Heavy Industries 97 JPY 2,632 3, Fujifilm Holdings 80 JPY 2,151 2, Hitachi 735 JPY 2,507 3, Honda Motor Co 135 JPY 3,046 3, Hulic 400 JPY 2,727 2, Isuzu Motors 260 JPY 1,893 2, Japan Airlines 105 JPY 2,542 2, JX Holdings 1,020 JPY 2,601 3, Komatsu 155 JPY 2,183 2, Mitsubishi Chemical Holdings 525 JPY 2,672 2, Mitsubishi Electric 155 JPY 1,013 1, Mitsubishi Heavy Industries 880 JPY 2,633 3, Mitsui 285 JPY 2,774 3, Mitsui Fudosan 185 JPY 3,312 3, NSK 315 JPY 2,834 2, NTT DOCOMO 95 JPY 1,651 1, ORIX 240 JPY 2,402 3, Resona Holdings 600 JPY 2,061 2, Seiko Epson 170 JPY 2,103 2, Sekisui Chemical 220 JPY 2,057 2, Sekisui House 210 JPY 1,873 2, Sompo Holdings 100 JPY 2,585 2, Sumitomo Electric Industries 250 JPY 2,403 2, Sumitomo Mitsui Financial 80 JPY 1,998 2, Sumitomo Mitsui Trust Holdings 70 JPY 1,775 2, Taisei 485 JPY 2,831 2, TDK 43 JPY 1,956 2, Tokio Marine Holdings 90 JPY 2,144 3, Tokyo Electron 38 JPY 1,721 2,

155 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Toyota Motor 79 JPY 3,180 3, continued West Japan Railway 25 JPY 1,091 1, Yamada Denki 450 JPY 1,976 1, ,186 98, Transferable securities admitted to an official stock exchange listing 83,186 98, B) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg JPY 8,434 GBP (59) RBC Investor Services Luxembourg JPY 745 GBP (5) RBC Investor Services Luxembourg JPY 7,687 GBP (54) (1) RBC Investor Services Luxembourg GBP 1 JPY (114) RBC Investor Services Luxembourg JPY 355 EUR (3) RBC Investor Services Luxembourg JPY 3,744 GBP (26) RBC Investor Services Luxembourg GBP 32,337 JPY (4,648,641) RBC Investor Services Luxembourg USD 2,244 JPY (263,397) (9) (0.01) RBC Investor Services Luxembourg JPY 110,319 GBP (776) (8) (0.01) Total as at 31 December 2016 (9) (0.01) Total as at 31 December

156 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 Japan Total investments Open foreign currency contracts (0.01) 0.01 Total investments at fair value through profit or loss Other net assets/(liabilities) 2.61 (0.38) Total net assets attributable to redeemable participating shareholders

157 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Holding and finance companies Automobile industry Electronic semiconductor Mechanics and Machinery Banks and financial institutions Construction and building material Real estate companies Electronics and Electrical Equipment Transportation Business houses Tires and Rubber Retail Graphic Art. Publishing News Transmission Office equipment and computers Pharmaceuticals and Cosmetics Chemicals Public Services Total investments Open foreign exchange forward contracts (0.01) 0.01 Total investments at fair value through profit or loss Other net assets/(liabilities) 2.61 (0.38) Total net assets attributable to redeemable participating shareholders

158 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Toyota Motor 159 6,098 Denso 120 3,759 Nissan Motor 560 3,757 Mitsubishi Heavy Industries 1,205 3,586 Japan Airlines 145 3,532 Mitsui Fudosan 185 3,312 Honda Motor Co 135 3,046 Isuzu Motors 425 3,008 Hitachi 860 2,922 NSK 315 2,834 Taisei 485 2,831 Mitsui 290 2,800 Sekisui Chemical 300 2,776 Asahi Kasei 575 2,743 NGK Insulators 170 2,683 Mitsubishi Chemical Holdings 525 2,672 NTT DOCOMO 155 2,669 Komatsu 185 2,606 Sompo Holdings 100 2,585 ORIX 240 2,402 Resona Holdings 600 2,061 Yamada Denki 450 1,976 West Japan Railway 45 1,946 Dai Nippon Printing 240 1,932 FANUC 19 1,837 Sumitomo Mitsui Financial 75 1,663 Tokio Marine Holdings 55 1,403 Hulic 190 1,342 Ricoh 200 1,213 Seiko Epson 90 1,122 Daiwa Securities Sumitomo Electric Industries SALES NTT DOCOMO 305 5,023 Nissan Motor 560 4,258 Denso 120 4,163 Lawson 70 3,950 Hankyu Hanshin Holdings 500 3,612 Sumitomo Mitsui Financial 140 3,566 Mitsui 330 3,192 Toyota Motor 80 3,141 Canon 150 2,993 Shimizu 440 2,910 Chugoku Electric Power 320 2,887 JFE Holdings 300 2,862 Tokio Marine Holdings 100 2,859 Daiichi Sankyo 180 2,701 Mitsubishi Electric 290 2,661 Takeda Pharmaceutical 80 2,645 ANA Holdings 1,300 2,593 Asahi Kasei 575 2,579 Hino Motors 365 2,553 NGK Insulators 170 2,515 Sumitomo Chemical 685 2,480 Sumitomo Mitsui Trust Holdings 908 2,430 Hulic 290 2,179 NEC 1,300 2,114 FANUC 19 2,108 Omron 118 2,067 Seiko Epson 150 2,035 Mazda Motor 200 2,032 Kawasaki Heavy Industries 890 1,874 NSK 330 1,819 Tokyo Electron 32 1,810 Konica Minolta 275 1,772 Japan Exchange 168 1,758 Sumitomo Electric Industries 160 1,638 Daiwa Securities 375 1,480 Isuzu Motors 165 1,475 Rohm 54 1,475 Ricoh 200 1,393 Sekisui House 95 1,208 Bridgestone 40 1,160 Mitsubishi Heavy Industries 325 1,158 Fujifilm Holdings 42 1,

159 JOHCM US Small Mid Cap Equity Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 158 Schedule of investments Transferable securities admitted to an official stock exchange listing 160 Derivatives: open foreign currency contracts 162 Geographic division of investments 163 Economic division of investments 164 Principal portfolio changes 165 JOHCM US Small Mid Cap Equity Fund 157

160 JOHCM US Small Mid Cap Equity Fund Investment Management Report for the year ended 31 December 2016 Thorsten Becker Senior Fund Manager 20 years industry experience Joined JOHCM in June 2014 Arun Daniel Senior Fund Manager 16 years industry experience Joined JOHCM in June 2014 Vincent Rivers Senior Fund Manager 19 years industry experience Joined JOHCM in June 2014 Performance The JOHCM US Small Mid Cap Fund returned 38.64%, net of fees and in sterling terms for the A share class for calendar year Over the same period the Russell 2500 NR Index (midday adjusted) returned 40.17%. Investment background The year began with a turbulent first quarter in global equity markets. In January, stocks sold off amid fears about China s economy and global deflation, but then rebounded sharply in late February and March as oil prices firmed up and the dollar weakened. Drama continued in the second quarter as well, which concluded with the UK s historic Brexit vote. The news sent stocks down sharply, but buyers quickly emerged. The same did not hold true for global bond yields, which made new lows in the wake of the surprising political development. In the third quarter, equities continued to be buoyed by accommodative monetary policy and some strength in crude prices later in the period. Despite positive economic data, the US Federal Reserve opted twice to hold rates steady during the period, but indicated that a rate hike was increasingly likely. That scenario played out in December, as the Federal Reserve raised interest rates by a quarter point, its first increase in a year, and hinted at a faster pace in Fund review The portfolio modestly underperformed in 2016, with weakness in financials and consumer discretionary holdings weighing upon performance. Among the portfolio s bright spots, stock-picking in consumer staples and information technology benefited returns while an underweight stance on real estate also contributed positively. For the year, the portfolio s top individual contributor was semiconductor maker Microsemi, which has very strong end markets and is widely regarded as an acquisition target. We believe it is well positioned for an anticipated increase in military spending, as its products are used in aerospace and defence applications. Another positive contributor was building materials supplier Martin Marietta Materials, which has benefited from strength in the housing market as well as an expected surge in infrastructure spending. A position in bank and wealth-management company First Republic Bank also supported relative performance. The largest relative detractor among individual holdings was Pacira Pharmaceuticals, which experienced both a sell-off in the biotechnology segment and worries about a slowdown in sales of its lead drug Exparel. Also in the healthcare sector, owning health insurer Centene hurt as its share price was hit by concerns about the possible repeal of the Affordable Care Act. Although enrolments have been steady, the company lowered its 2017 profit forecast to reflect the uncertainties surrounding the future of Obamacare. Real estate service provider Jones Lang LaSalle pressured returns against the main benchmark, as the company has seen a slowdown in transactions and has been punished for its European exposure in the wake of the Brexit vote. 158

161 JOHCM US Small Mid Cap Equity Fund Investment Management Report continued Outlook Across Asia we observe several positive changes in fundamentals. Within Indonesia we see shades of similarity to India in 2012/3, with government reforms being complemented by monetary policy firepower through interest rate cuts. In India, deepening financial inclusion will spur rural demand growth while the political calendar will push the government to loosen its purse strings. Taiwan remains a favoured market, with the attractions of a vibrant corporate sector where we find opportunities in a number of sectors. As for China, the US Federal Reserve s cautious approach on interest rate rises and benign global liquidity conditions have enabled the People s Bank of China to regain control over the renminbi and deferred the day of reckoning for China. The risks, in our view, are driven by geopolitics while the possible resumption of US dollar strength could serve as a headwind. Thorsten Becker Senior Fund Manager Vincent Rivers Senior Fund Manager Arun Daniel Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. Our focus remains on our fundamental-based, predominantly bottom-up investment approach. We look for companies with quality, sustainable, long-term growth hallmarks, or those firms that have the potential to acquire these characteristics. We remain confident that the businesses held within our portfolio will grow over economic and liquidity cycles and generate strong returns on the financial capital they employ. 159

162 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets IRELAND Allegion 4 USD Jazz Pharmaceuticals 1 USD NETHERLANDS Wright Medical Group 11 USD UNITED STATES Alaska Air Group 3 USD Allscripts Healthcare Solutions 24 USD Bank of the Ozarks 10 USD Benefitfocus 7 USD BioMarin Pharmaceutical 2 USD Booz Allen Hamilton Holding 10 USD Cavium 6 USD Centene 6 USD Cogent Communications Holdings 11 USD CommScope Holding 11 USD CoNMeD 6 USD CoStar 1 USD First American Financial 10 USD First Republic Bank 6 USD FMC 4 USD Fortinet 7 USD Great Western Bancorp 8 USD Hasbro 4 USD HD Supply Holdings 8 USD Helmerich & Payne 5 USD HubSpot 5 USD Investment Technology Group 11 USD Jacobs Engineering 5 USD Jones Lang LaSalle 3 USD Lennar 7 USD Lululemon athletica 3 USD Martin Marietta Materials 1 USD Masco 10 USD

163 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets UNITED STATES MGM Growth Properties 11 USD continued Microsemi 9 USD Mosaic 7 USD Newfield Exploration 6 USD Nordstrom 4 USD Old Dominion Freight Line 2 USD Pacira Pharmaceuticals 4 USD Pinnacle Foods 7 USD Range Resources 4 USD Raymond James Financial 6 USD Regal Entertainment Group 11 USD Sabre 15 USD SEI Investments 5 USD Service Corp International 11 USD ServiceMaster Global Holdings 10 USD Snyder's-Lance 9 USD Terex 10 USD WellCare Health Plans 1 USD Woodward 4 USD ,874 11, Transferable securities admitted to an official stock exchange listing 9,376 11,

164 JOHCM US Small Mid Cap Equity Fund B) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg GBP 30 USD (37) RBC Investor Services Luxembourg USD - GBP Total as at 31 December 2016 Total as at 31 December

165 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 United States Ireland Netherlands Bermuda Total investments at fair value through profit or loss Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was 4.24% (2015: 3.49%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 163

166 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Banks and financial institutions Holding and finance companies Healthcare education and social services Construction and building material Electronic semiconductor Internet software Food and distilleries Real estate companies Petrol Leisure Pharmaceuticals and cosmetics Consumer Goods Transportation Chemicals Mortgage and funding institutions Mechanics and machinery Electronics and electrical equipment Retail Textile Biotechnology News transmission Aerospace technology Business houses Graphic art and publishing Office equipment and computers Total investments at fair value through profit or loss Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

167 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Cogent Communications Holdings ServiceMaster Global Holdings Cavium Lululemon athletica Alaska Air Group Nordstrom Hasbro Pinnacle Foods Service Corp International Microsemi Snyder's-Lance First Republic Bank Booz Allen Hamilton Holding Allscripts Healthcare Solutions Centene Woodward Bank of the Ozarks B/E Aerospace Terex Summit Materials Allegion Jacobs Engineering Lennar Sabre MGM Growth Properties Great Western Bancorp Old Dominion Freight Line PURCHASES Benefitfocus Martin Marietta Materials HubSpot HD Supply Holdings Raymond James Financial SEI Investments Newfield Exploration Signet Jewelers Regal Entertainment Group Mosaic Jones Lang LaSalle Helmerich & Payne First American Financial Investment Technology Group CoNMeD Masco CommScope Holding Bottomline Technologies Fleetmatics Group BioMarin Pharmaceutical WhiteWave Foods Ralph Lauren Range Resources Linear Technology Pacira Pharmaceuticals Marketo Newell Brands

168 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2016 Principal portfolio changes continued Security Name Quantity Proceeds 000 SALES B/E Aerospace WhiteWave Foods Marketo Lululemon athletica Linear Technology Newell Brands Signet Jewelers Nordstrom Medivation Ralph Lauren Henry Schein Summit Materials Cogent Communications Holdings Bottomline Technologies Martin Marietta Materials Fleetmatics Group Envision Healthcare Holdings Old Dominion Freight Line Pinnacle Foods Woodward First Republic Bank FirstMerit HD Supply Holdings Jacobs Engineering WellCare Health Plans 1 90 Alaska Air Group 2 81 Artisan Partners Asset Management 4 69 Ruckus Wireless 7 66 Helmerich & Payne 1 63 Terex 2 62 Investment Technology Group 4 59 Masco 3 58 Orbital

169 JOHCM European Concentrated Value Fund* A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 168 Schedule of investments Transferable securities admitted to an official stock exchange listing 170 Other transferable securities 171 Geographic division of investments 172 Economic division of investments 173 Principal portfolio changes 174 * The JOHCM European Concentrated Value Fund launched on 31 March JOHCM European Concentrated Value Fund 167

170 JOHCM European Concentrated Value Fund Investment Management Report for the year ended 31 December 2016 Robrecht Wouters Senior Fund Manager 26 years industry experience Joined JOHCM in September 2003 Performance The JOHCM European Concentrated Value Fund returned 1.99%, net of fees and in euro terms for the A share class, for the calendar year The MSCI Europe NR Index (midday adjusted) returned 1.68% over the same period. Investment background European equity markets struggled to make progress in The year started with intensified worries over global economic growth. The oil price continued to weaken, while economic data from China and key developed markets gave no cause for optimism. European stock markets could not escape the gloom, particularly with weaker industrial production data emerging from key markets such as Germany. Nevertheless, this gloom subsided towards the end of the first quarter, with European equity markets recovering from the February lows, boosted by the European Central Bank s decision to cut deposit interest rates and enlarge the scope of its ongoing quantitative easing programmes. April saw European stock markets continue their recovery from their poor start to 2016, with mean reversion driving much of the market rally. In the absence of substantive answers to the big global macroeconomic questions (US interest rates, Chinese growth, Brexit, etc.), stock markets continued their nervous recovery in May, before falling sharply in late June in reaction to the unexpected Brexit vote. However, the investor panic proved shortlived and European equities quickly bounced back as investors anticipated prolonged economic uncertainty to lead to further extension of the current loose central bank policies. August was a quiet month with European equities continuing their recovery path but markets seemed to pause somewhat in September after two strong months of bouncing back from June s lows. Towards the close of the year, the surprise outcome of the US presidential election in November triggered an overwhelming shift in inflation expectations based on President-elect Trump s protectionist and expansionist agenda. This accelerated the bond market sell-off and reinforced the ongoing sector rotation into financials at the expense of long duration cash flow, bond proxies, such as consumer staples, media and telecoms. Equities closed 2016 on a year high, with European equities additionally benefiting from a strong US dollar (rising inflation expectations led the Federal Reserve to increase interest rates) and shrugging off the negative constitutional referendum outcome in Italy. Fund review The portfolio modestly outperformed in 2016, driven in large part by positive sector exposure effects, which negated the small drag from stock selection. Our significantly overweight position in materials helped bolster returns as commodity prices rebounded, although our stock picks in the sector were unhelpful overall. Elsewhere, being underweight healthcare and our structural zero weighting to financials also boosted relative performance. Stock selection within industrials and technology proved unhelpful while the portfolio s consumer names were materially positive in aggregate. At the individual stock level, we saw particular strength in Wolters Kluwer, Thyssenkrupp and Swiss agrochemical group Syngenta. The latter s share price surged following an ultimately successful takeover bid by ChemChina. In the debit column, Nokia was the worst-performing stock in the portfolio after disappointing the market with its outlook for Although the Finnish telecoms equipment company delivered quarterly earnings that matched expectations, the earnings momentum market took fright from management s indications that sales growth (or even flat sales) will be a challenge in We remain holders of the stock. Other laggards over the year were out-of-home advertising group JC Decaux and US-listed cable company Liberty Global. Again we remain holders of both stocks. 168

171 JOHCM European Concentrated Value Fund Investment Management Report continued Outlook The portfolio s absolute value strategy combines a traditional (i.e. classic ) value focus with the notion that not all free cash flow is worth the same: Companies that can reinvest free cash sustainably at higher returns than their cost of capital (i.e. quality value stocks) have a higher intrinsic value than companies with the same free cash flow that can only be reinvested at the cost of capital ( classic value ). The Fund s balanced value-quality strategy should continue to generate superior absolute and relative performance over time. Robrecht Wouters Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 169

172 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets FINLAND Nokia 67 EUR Wartsila 6 EUR FRANCE Danone 5 EUR Imerys 3 EUR JCDecaux 9 EUR Pernod Ricard 2 EUR Sanofi 2 EUR SFR Group 7 EUR Vivendi 12 EUR ,267 1, GERMANY Bayer 2 EUR Henkel 2 EUR SAP 3 EUR ThyssenKrupp 8 EUR GREAT BRITAIN British American Tobacco 2 GBP Liberty Global - Class C 13 USD Pearson 16 GBP Reed Elsevier 7 GBP Rolls-Royce Holdings 29 GBP Royal Dutch Shell 6 GBP NETHERLANDS Akzo Nobel 4 EUR Heineken Holding 4 EUR Wolters Kluwer 10 EUR SPAIN Grifols 15 EUR

173 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SWEDEN Swedish Match 4 SEK UNITED STATES Oracle 9 USD Transferable securities admitted to an official stock exchange listing 4,504 4, B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Rolls-Royce Holdings 973 GBP Other transferable securities Transferable securities admitted to an official stock exchange listing 4,504 4,

174 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 France Great Britain Netherlands Germany Finland United States Spain Sweden Switzerland Total investments at fair value through profit or loss Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was 88.35% (2015: 83.49%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 172

175 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Graphic art and publishing News transmission Tobacco and spirits Internet software Chemicals Food and distilleries Biotechnology Mechanics and machinery Aerospace technology Construction and Building Material Mines and heavy machinery Consumer Goods Petrol Pharmaceuticals and cosmetics Holding and finance companies Total investments at fair value through profit or loss Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

176 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Nokia Vivendi SFR Group Liberty Global - Class C Danone Wolters Kluwer Grifols JCDecaux Bayer Rolls-Royce Holdings SAP Heineken Holding Akzo Nobel Wartsila Pernod Ricard ThyssenKrupp Oracle Imerys Pearson Henkel 1 90 Sanofi 1 72 British American Tobacco 2 68 Royal Dutch Shell 3 65 Reed Elsevier 4 58 Swedish Match 2 56 Syngenta Reg SALES Syngenta Reg Wolters Kluwer Vivendi British American Tobacco Nokia Danone 2 92 ThyssenKrupp 5 87 Swedish Match 3 84 Henkel 1 75 SAP 1 74 Wartsila 2 73 Pernod Ricard 1 68 Schindler Holding 1 62 Imerys 1 61 Heineken Holding 1 59 Grifols 4 58 Akzo Nobel 1 56 Rolls-Royce Holdings 8 55 JCDecaux 2 48 Reed Elsevier 3 41 SFR Group 2 37 Royal Dutch Shell 2 33 Sanofi - 31 Bayer - 30 Pearson 4 29 Liberty Global LiLAC - Class C

177 JOHCM Global Smaller Companies Fund* A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 176 Schedule of investments Transferable securities admitted to an official stock exchange listing 178 Derivatives: open foreign currency contracts 181 Geographic division of investments 182 Economic division of investments 183 Principal portfolio changes 184 * The JOHCM Global Smaller Companies Fund launched on 31 March JOHCM Global Smaller Companies Fund 175

178 JOHCM Global Smaller Companies Fund Investment Management Report for the year ended 31 December 2016 Thorsten Becker Senior Fund Manager 20 years industry experience Joined JOHCM in June 2014 Arun Daniel Senior Fund Manager 16 years industry experience Joined JOHCM in June 2014 Vincent Rivers Senior Fund Manager 19 years industry experience Joined JOHCM in June 2014 Performance The JOHCM Global Smaller Companies Fund returned 7.94%, net of fees and in US dollar terms for the A share class for calendar year Over the same period the MSCI AC World SMID NR Index (midday adjusted) returned 8.82%. Investment background The year began with a turbulent first quarter in global equity markets. In January, stocks sold off amid fears about China s economy and global deflation, but then rebounded sharply in late February and March as oil prices firmed up and the dollar weakened. Drama continued in the second quarter as well, which concluded with the UK s historic Brexit vote. The news sent stocks down sharply, but buyers quickly emerged. The same did not hold true for global bond yields, which made new lows in the wake of the surprising political development. In the third quarter, equities continued to be buoyed by accommodative monetary policy and some strength in crude prices later in the period. Despite positive economic data, the US Federal Reserve opted twice to hold rates steady during the period, but indicated that a rate hike was increasingly likely. That scenario played out in December, as the Federal Reserve raised interest rates by 0.25 per cent, its first increase in a year, and hinted at a faster pace in The year s theme of political shocks concluded with the election of President Trump in November and the resignation of Italian Prime Minister Mario Renzi in December after the loss of a referendum on constitutional reform. Fund review The portfolio slightly lagged its benchmark in 2016, with stock selection being effective but sector allocation having a modestly negative impact. Among sectors, industrials provided the biggest contribution to relative results, followed by consumer staples, while financials and healthcare were the chief relative detractors. Cash also proved a modest drag on relative returns. From a regional perspective, the portfolio s sizeable overweight in North America was helpful, although stock picks in the US and Canada weighed on returns. Being underweight Continental Europe aided relative performance while stock selection in the region made a materially positive contribution. For the year, the portfolio s top individual contributor was semiconductor maker Microsemi, which has very strong end markets and is widely regarded as an acquisition target. We believe it is well positioned for an anticipated increase in military spending, as its products are used in aerospace and defence applications. Other positive contributors were building materials supplier Martin Marietta Materials and manufacturing company Terex, which have benefited from strength in the housing market as well as an expected surge in infrastructure spending. The largest relative detractor among individual holdings was Pacira Pharmaceuticals, which suffered from both the sell-off in the biotechnology segment and worries about a slowdown in sales of its lead drug Exparel. Also in healthcare, shares of Irish pharmaceutical company Endo 176

179 JOHCM Global Smaller Companies Fund Investment Management Report continued International struggled with rising competition and pricing pressures as well as controversy over generic drug price collusion. Elsewhere, mobile retailer Dixons Carphone saw its share price fall on Brexit worries. Outlook Overall, we remain generally quite bullish on the outlook as a new US presidential administration takes office, although Trump s first 100 days in office will be critical in shaping investor sentiment. We believe that certain policies, if implemented, would boost equity prices, particularly among smaller-cap stocks, which would likely feel a greater impact from policy shifts than their large-cap counterparts. Such proposed policies include infrastructure spending/ stimulus, tax reform, deregulation and cash repatriation. However, key risks include the possibility that favourable policies will not materialise in Washington and that the Federal Reserve could take a more aggressive stance on interest rate rises, spurred by currency or inflation problems or offsetting expected stimulus. Thorsten Becker Senior Fund Manager Arun Daniel Senior Fund Manager Vincent Rivers Senior Fund Manager Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed. 177

180 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets AUSTRIA Erste Group Bank 2 EUR CHILE Sociedad Quimica y Minera de Chile 2 USD CZECH Komercni banka 2 CZK DENMARK H Lundbeck 2 DKK FRANCE Euler Hermes 1 EUR Maisons du Monde 2 EUR GERMANY Aareal Bank 3 EUR GREAT BRITAIN Dixons Carphone 14 GBP Kingfisher 14 GBP Worldpay Group 19 GBP INDIA Godrej Consumer Products 4 INR IRELAND Allegion 1 USD Jazz Pharmaceuticals - USD ITALY Leonardo-Finmeccanica 5 EUR

181 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Concordia Financial Group 11 JPY Nitori Holdings 1 JPY Sysmex 1 JPY Tsuruha Holdings 1 JPY MAN (ISLE OF) Optimal Payments 13 GBP NETHERLANDS Wright Medical Group 2 USD SWITZERLAND Actelion - CHF UNITED STATES Alaska Air Group 1 USD Allscripts Healthcare Solutions 5 USD Bank of the Ozarks 2 USD Benefitfocus 2 USD BioMarin Pharmaceutical - USD Booz Allen Hamilton Holding 2 USD Cavium 1 USD Centene 2 USD Cogent Communications Holdings 2 USD CommScope Holding 2 USD CONMED 1 USD CoStar - USD First American Financial 1 USD First Republic Bank 1 USD FMC 1 USD Fortinet 1 USD Great Western Bancorp 2 USD Hasbro 1 USD

182 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2016 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets UNITED STATES HD Supply Holdings 2 USD continued Helmerich & Payne 1 USD HubSpot 1 USD Investment Technology Group 3 USD Jacobs Engineering 1 USD Jones Lang LaSalle - USD Lennar 1 USD Lululemon athletica 1 USD Martin Marietta Materials - USD Masco 2 USD MGM Growth Properties 3 USD Microsemi 2 USD Mosaic 2 USD Newfield Exploration 1 USD Nordstrom 1 USD Old Dominion Freight Line - USD Pacira Pharmaceuticals 1 USD Pinnacle Foods 1 USD Range Resources 1 USD Raymond James Financial 1 USD Regal Entertainment Group 2 USD Sabre 3 USD SBA Communications - USD SEI Investments 1 USD Service Corp International 2 USD ServiceMaster Global Holdings 3 USD Snyder's-Lance 2 USD Terex 3 USD Woodward 1 USD ,934 2, Transferable securities admitted to an official stock exchange listing 2,974 3,

183 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2016 B) Derivatives: open foreign currency contracts Warrants Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH KOREA Samsung Fire & Marine Insurance - USD Warrants Total quoted securities - investments 3,036 3,

184 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2016 Geographic division of investments % Net Assets 2016 % Net Assets 2015 United States Japan Great Britain Germany Ireland France India South Korea Switzerland Denmark Italy Austria Chile Czech Man (Isle Of) Netherlands Bermuda Hong Kong Total investments at fair value through profit or loss Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2016 was % (2015: 19.83%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 182

185 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2016 Economic division of investments % Net Assets 2016 % Net Assets 2015 Banks and financial institutions Holding and finance companies Pharmaceuticals and cosmetics Retail Healthcare education and social services Construction and building materials Food and distilleries Internet Software Electronic semiconductor Petrol Chemicals Real estate companies Insurance Consumer Goods Leisure News transmission Transportation Mechanics and machinery Aerospace technology Other Services Electronics and electrical equipment Textile Biotechnology Mortgage and funding institutions Office equipment and computers Graphic art and publishing Business houses Total investments at fair value through profit or loss Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

186 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2016 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Cavium 2 81 Alaska Air Group 2 80 Terex 5 80 Centene 2 80 B/E Aerospace 2 78 ServiceMaster Global Holdings 3 77 Godrej Consumer Products 4 76 Hasbro 1 74 Nordstrom 2 71 Microsemi 3 68 CommScope Holding 2 68 Snyder's-Lance 3 67 Booz Allen Hamilton Holding 3 66 Lululemon athletica 1 58 Summit Materials 4 58 Great Western Bancorp 2 56 Allegion 1 54 MGM Growth Properties 3 54 Worldpay Group Jacobs Engineering 1 53 H Lundbeck 2 53 Sociedad Quimica y Minera de Chile 2 53 Erste Group Bank 2 53 Benefitfocus 2 52 Woodward 1 51 HubSpot 2 50 Old Dominion Freight Line 1 48 Mosaic 2 48 Service Corp International 2 48 Regal Entertainment Group 3 47 Allscripts Healthcare Solutions 5 44 Pinnacle Foods 1 44 SEI Investments 1 43 Leonardo-Finmeccanica 5 42 Martin Marietta Materials - 41 Fleetmatics Group 1 40 Jarden 1 39 Aareal Bank 2 38 Range Resources 1 35 BioMarin Pharmaceutical - 35 Helmerich & Payne 1 30 Signet Jewelers - 28 Maisons du Monde 2 27 HD Supply Holdings 1 26 SALES B/E Aerospace Lululemon athletica Jacobs Engineering 2 95 HD Supply Holdings 4 87 Godrej Consumer Products 4 71 Linear Technology 2 67 Nordstrom 1 66 Marketo 3 64 WhiteWave Foods 2 64 Old Dominion Freight Line 1 64 Martin Marietta Materials - 63 ANA Holdings Signet Jewelers 1 62 Masco 3 61 Summit Materials 4 60 Pidilite Industries 7 58 Pinnacle Foods 2 57 Fleetmatics Group 1 56 First Republic Bank 1 54 Ruckus Wireless 5 50 Terex 2 48 Ralph Lauren 1 44 Wirecard 2 43 Sony Financial Holdings 4 42 Henderson Land Development Sabre 2 40 Helmerich & Payne 1 39 Alaska Air Group 1 38 Cavium 1 37 Actelion - 37 Raymond James Financial 1 37 Microsemi 1 33 Newell Brands 1 32 Lennar 1 28 Cogent Communications Holdings 1 28 Bank of the Ozarks 1 27 Starz 2 26 Booz Allen Hamilton Holding 1 26 Tiffany & Co

187 Notes to the Financial Statements J O Hambro Capital Management Umbrella Fund plc Notes to the Financial Statements 185

188 Notes to the Financial Statements As at 31 December Establishment and organisation The Company is an open-ended umbrella type investment company with variable capital and limited liability organised under the laws of Ireland and authorised by the Central Bank pursuant to the provisions of Part 24 of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations 2011 ) and to the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the Central Bank UCITS Regulations 2015 ). The Company s share capital is at all times equal to its Net Asset Value. The Company was incorporated on 3 July The Company comprises distinct sub-funds. The assets of a sub-fund are invested separately in accordance with the investment objectives and policies of that sub-fund which are set out in a supplement to the Prospectus. JOHCM All Europe Dynamic Growth Fund was terminated on 23 February As at 31 December 2016 the Company had fourteen active sub-funds, all denominated in GBP: JOHCM Continental European Fund JOHCM Asia ex-japan Fund JOHCM UK Growth Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM European Select Values Fund JOHCM Global Opportunities Fund JOHCM Japan Fund JOHCM Japan Dividend Growth Fund JOHCM Global Select Fund JOHCM US Small Mid Cap Equity Fund JOHCM Emerging Markets Fund JOHCM European Concentrated Value Fund JOHCM Global Emerging Markets Opportunities Fund JOHCM Global Smaller Companies Fund The shares in the fourteen active sub-funds were de-listed from the Official List of the Irish Stock Exchange with effect from 30 December 2016 following the Directors application to the Irish Stock Exchange to delist. The primary investment objective of the Company is to seek long-term capital growth and it aims to achieve this as follows: JOHCM Continental European Fund The Fund aims to achieve its objective by investing in equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe, excluding the UK. JOHCM UK Growth Fund The Fund aims to achieve its objective by investing in solid, well managed companies domiciled or exercising the predominant part of their economic activities in the UK, capable of generating growth throughout the economic cycle. JOHCM European Select Values Fund The Fund aims to achieve its objective by investing in equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe which are listed on European Exchanges or a Recognised Exchange. JOHCM Japan Fund The Fund aims to achieve its objective by investing in Japanese equities, listed on the principal stock markets of Japan or other Recognised Markets. JOHCM Global Select Fund The Fund aims to achieve its objective by investing in a concentrated portfolio of global securities. JOHCM Emerging Markets Fund The Fund aims to achieve its objective by investing in a portfolio of equity securities of companies in emerging markets around the world. JOHCM Global Emerging Markets Opportunities Fund The Fund aims to achieve its objective by investing in, both direct and indirect, a diversified portfolio of emerging market equity securities. 186

189 Notes to the Financial Statements continued 1 Establishment and organisation continued JOHCM Asia ex-japan Fund The Fund aims to achieve long-term capital appreciation through investment, both direct and indirect, in a diversified portfolio of Asia ex-japan equity securities. JOHCM Asia ex-japan Small and Mid-Cap Fund The Fund aims to achieve long-term capital appreciation through investment, both direct and indirect, in a diversified portfolio of Asia ex-japan Small and Mid Cap equity securities. JOHCM Global Opportunities Fund The Fund aims to achieve long-term total return by investing in a concentrated portfolio of global equity securities. It is anticipated that the Fund s portfolio will comprise fewer than 50 holdings. JOHCM Japan Dividend Growth Fund The Fund aims to achieve its objective by investing entirely in equity securities of companies which are listed on the principal stock markets of Japan, the majority of which will be securities contained in the Index (Topix TR). At no time will less than half of the Fund s total net assets be invested in securities contained in the Index (Topix TR). JOHCM US Small Mid Cap Equity Fund The Fund aims to achieve its objective by investing in a portfolio of equity securities of smaller and mid-sized capitalisation companies domiciled in the United States. JOHCM European Concentrated Value Fund The Fund aims to achieve long-term capital appreciation, through investment in equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe, which are listed on European exchanges or a Recognised Exchange. JOHCM Global Smaller Companies Fund The Fund aims to achieve long-term capital appreciation by investing in a portfolio of equity securities of smaller and midsized capitalisation companies domiciled in the global market. 2 Principal Accounting Policies The Company s financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements of the Company for the financial year ended 31 December 2016, certain provisions of the UCITS Regulations and in accordance with Irish statute comprising the Companies Act The Company has availed itself of certain exemptions contained in FRS 102 section 7.1A Cash Flow Statements and has presented a statement of changes in net assets in place of a cash flow statement. In the opinion of the Directors, this information also satisfies the requirement of FRS 102 section 10.4 Reporting Financial Performance, in relation to a reconciliation of movements in Shareholders Equity. The financial statements are prepared on a going concern basis. Financial Assets and Liabilities at Fair Value through Profit or Loss Classification The Company classifies its investment securities as financial assets and liabilities at fair value through profit or loss: held for trading, in accordance with IAS 39 Financial Instruments: Recognition and Measurement ( IAS 39 ). Investments are classified as held for trading if they are acquired for the purpose of selling and/or repurchasing in the near term. This category includes equities and derivatives. These investments are acquired principally for the purpose of generating a profit from fluctuations in the price. The Company s policy is not to apply hedge accounting. 187

190 Notes to the Financial Statements continued 2 Principal Accounting Policies continued Measurement and Recognition The Company has elected to apply the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement and the disclosures of section 11 and 12 of FRS 102. The Company recognises financial assets and liabilities held for trading on the date it becomes party to the contractual provisions of the instruments, and all significant rights and access to the benefits or losses and the exposure to the risks inherent in those instruments are transferred to the Company; generally the trade date. Financial instruments are initially measured at fair value which is generally the transaction amount (excluding transaction costs which are expensed as incurred). For financial assets, the transaction amount is the fair value of the consideration given and for financial liabilities the transaction amount is the fair value of the consideration received. Subsequent measurement After initial measurement, the Company measures financial instruments which are classified as at fair value through profit or loss, at their fair values. Fair value is the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Fair value measurement is based on the presumption that the transaction to sell the asset or transfer liability takes place either in the principal market or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Company. The fair value of financial instruments traded in active markets at reporting date is quoted at last traded price. If a quoted market price is not available on a recognised stock exchange or, in the case of non-exchange traded financial instruments, from a broker/dealer, the fair value of the instrument is estimated using valuation techniques, including use of recent arm s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. Where discounted cash flow techniques are used, estimated future cash flows are based on the Directors best estimates and the discount rate used is a market rate at the balance sheet date applicable for an instrument with similar terms and conditions. Where other pricing models are used, inputs are based on market data at the balance sheet date. Fair values for unquoted equity investments are estimated, if possible, using applicable price/earnings ratios for similar listed companies adjusted to reflect the specific circumstances of the issuer. Equity instruments which do not have a quoted market price in an active market and whose fair value cannot be reliably measured using valuation techniques are measured at cost. Gains and losses arising from a change in the fair value of investments are recognised in the Statement of Comprehensive Income. Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with IAS 39. The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires. The Company uses the weighted average method to determine realised gains and losses on derecognition. The Financial Reporting Council has issued an amendment to FRS 102 fair value hierarchy disclosures which aligns with IFRS 13 Fair Value Measurement effective for accounting periods beginning on or after 1 January 2017 with early application permitted. The Company has elected to apply the amendment for these financial statements. 188

191 Notes to the Financial Statements continued 2 Principal Accounting Policies continued Net Asset Value ( NAV ) The NAV of the Company and of each sub-fund or of each class of share, as the case may be, is calculated by the Administrator at the valuation point on each valuation date. The NAV per share in each sub-fund is calculated by dividing the NAV of such sub-fund by the number of shares in issue in respect of that sub-fund. Where a sub-fund is made up of more than one class of share, the NAV of each class of share is calculated by determining that part of the NAV of each sub-fund attributable to each such class of share and dividing this value by the number of shares of that class in issue. As per the Company s Prospectus, the valuation point for NAV reporting purposes is noon Irish time. Transactions entered up until the valuation point on 31 December 2016 were recorded in the current financial year; transactions entered after the valuation point at this date will be recorded in the next set of financial statements. Share Capital The Company s subscriber shares are classified as equity in accordance with the Company s articles of association. These shares do not participate in the profits of the Company. Net gain/(loss) on financial assets and liabilities at fair value through profit or loss Results arising from trading activities are recognised in the Statement of Comprehensive Income, including all gains and losses from changes in fair value of financial instruments. Income from Investments Dividends are recognised when the Shareholder s right to receive payment is established. Dividend income is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income. Operating Expenses The Company pays out of the assets of each sub-fund, all normal operating expenses including Custody fees, Administration fees, Investment Manager s fees, Directors fees, NAV publication and circulation fees, audit and other professional fees and stamp duties and charges incurred on the acquisition and realisation of investments. Such costs are expensed in the financial year to which they relate. Listed Equities Listed equities are valued at the price at the valuation point or, where the recognised market on which the investment is quoted is closed at the valuation point, at the last traded price at the close of the regular trading session of the market on which such investment is quoted at each valuation point. Unlisted Equities Unlisted equities are valued at the probable realisation value as determined with care and in good faith by such competent persons as may be appointed by the Directors and approved for the purpose by the Depositary. Contracts for Difference Off-exchange derivative contracts are valued by the counterparty at least daily. The valuation must be approved or verified weekly by a third party who is independent of the counterparty and who is approved for the purpose by the Depositary. Fixed Income Securities Fixed income securities are valued at the close of business price of the preceding business day in each case on the market on which these assets are traded or admitted for. Options Options contracts are valued at the settlement price as determined by the market in question. If such market price is not available, the value will be the probable realisation value estimated with care and in good faith by the Directors or such other competent person approved for the purpose by the Depositary. 189

192 Notes to the Financial Statements continued 2 Principal Accounting Policies continued Forward Contracts A forward currency contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time the contract is made. Forward currency contracts are valued by reference to the forward price at which a new forward contract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on open forward currency contracts is calculated as the difference between the contract rate and this forward price and is included in the Statement of Comprehensive Income. Open positions of the foreign currency contracts as at 31 December 2016 are disclosed in the Schedule of Investments. Foreign Exchange Translation The cost of investments in currencies other than the functional currency of the relevant sub-fund has been translated at the rates of exchange ruling at the time of the purchase. The market value of the investments and other assets in currencies other than the currency of the relevant sub-fund has been translated at the rates of exchange as at 31 December The resulting profits or losses are dealt with in the Statement of Comprehensive Income. The method of translation has no effect on the NAV per share attributable to the individual classes. Other financial liabilities This category includes all financial liabilities, other than those classified as at fair value through profit or loss. The Company includes in this category amounts relating to cash collateral on securities lent and other short-term payables. Cash and Cash Equivalents Cash and cash equivalents in the Statement of Financial Position comprise cash on hand, demand deposits and short-term deposits in banks and are valued at nominal value plus accrued interest, where applicable, to the end of the relevant day on which the Valuation Point occurs. Short term deposits are subject to an insignificant risk of changes in value and have original maturities of three months or less. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Company includes in this category amounts relating to short-term receivables. Classification of Redeemable Participating Shares Redeemable participating shares are redeemable at the Shareholders option and are classified as financial liabilities as they do not have identical features and are not the most subordinate class of equity interest. The participating shares can be put back to the Company on any dealing day for cash equal to a proportionate share of the Company s NAV. All financial instruments in the class of instruments that is subordinate to all other classes of instruments have identical features. Distributions to Holders of Redeemable Participating Shares Distributions to holders of redeemable participating shares that do not meet the criteria for recognition as equity in line with FRS 102 section 22.4 are recorded in the Statement of Comprehensive Income and presented as finance costs in line with the distribution policy as authorised by the Directors. The distributions for the financial year ended 31 December 2015 are recognised as a finance cost in Transaction costs Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and security exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. These are expensed through the Statement of Comprehensive Income as incurred. Taxation Dividend income, interest income and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its Shareholders. 190

193 Notes to the Financial Statements continued 2 Principal Accounting Policies continued Judgements and Estimates The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The accounting policies have been applied consistently by the Company and are consistent with those used in the previous period. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the judgements, estimates and assumptions when they occur. Functional and Presentation Currency Items included in the Company s financial statements are measured and presented using the currency of the primary economic environment in which it operates ( the functional currency ). This is Pound Sterling ( GBP ), which reflects the fact that the Company s investor base is mainly located in the UK. The presentation currency is also GBP. 3 Financial Instruments at Fair Value through Profit or Loss Fair value 31 December Fair value 31 December Financial assets held for trading Equities 8,021,410 6,896,474 Warrants Treasury Bills - 4,627 Investments in transferable securities 8,021,479 6,901,390 Options 1,991 1,504 Equity Swaps Forward Currency Contracts Investments in derivatives 2,212 2,214 Total financial assets 8,023,691 6,903,604 Financial liabilities held for trading Forward Currency Contracts (3,647) (20) Equity Swaps (542) (401) Investments in derivatives (4,189) (421) Total financial liabilities (4,189) (421) 191

194 Notes to the Financial Statements continued 4 Taxation Under current Irish law and practice the Company qualifies as an investment undertaking under Section 739B of the Taxes Consolidation Act, 1997 and is not therefore chargeable to Irish tax on its relevant income or relevant gains. No stamp, transfer or registration tax is payable in Ireland on the issue, redemption or transfer of shares in the Company. Distributions and interest on securities issued in countries other than Ireland may be subject to taxes including withholding taxes imposed by such countries. The Company may not be able to benefit from a reduction in the rate of withholding tax by virtue of the double taxation agreement in operation between Ireland and other countries. The Company may not, therefore, be able to reclaim withholding tax suffered by it in particular countries. Following legislative changes in the Finance Act 2006, the holding of shares at the end of a relevant period will, in respect of Irish resident investors, also constitute a chargeable event. To the extent that any tax issues arise on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant shares. Relevant period is defined as a period of eight financial years beginning with the acquisition of a share by a Shareholder and each subsequent period of eight financial years beginning immediately after the preceding relevant period. Dividends received from investment in Irish equities may be subject to Irish dividend withholding tax (currently at the rate of 20%). However, the Company can make a declaration to the payer that it is a collective investment undertaking beneficially entitled to the dividends to avoid this withholding tax. The Company is not required to deduct dividend withholding tax on dividend payments to Shareholders provided the Shareholder has completed the relevant declaration. It is the intention of the Directors that the business of the Company will be conducted in such a manner as to ensure that the Company will be regarded as Resident in Ireland for tax purposes. 5 Share Capital On incorporation the authorised share capital of the Company was Euro 40,000 divided into 40,000 Subscriber shares of one Euro each and 800,000,000 Redeemable Participating Shares of no par value. As only redeemable participating shares can represent an interest in a sub-fund, the subscriber shares have no entitlement or interest in such sub-funds. Subscriber Shares 40,000 subscriber shares were issued to J O Hambro Capital Management Limited or its nominees to comply with the requirements of the Companies Act. J O Hambro Capital Management Limited redeemed 39,993 of these subscriber shares on 22 November The remaining seven subscriber shares are fully paid up. Each holder of subscriber shares is entitled to attend and vote at any General Meeting except that any holder of subscriber shares is not entitled to vote at any such General Meeting at any time that more than one Shareholder holds participating shares in issue. The subscriber shares do not form part of the net asset value of the Company and are thus disclosed in the financial statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company s business as an investment fund. The rights attached to any class of share may, whether or not the Company is being wound up, be varied or abrogated with the consent in writing of the holders of 75% of the issued shares of that class or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. Redeemable Participating Shares The issued redeemable participating share capital is at all times equal to the net asset value of the Company. The movement in the number of participating shares is shown in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. Capital Management Policies The Company may from time to time by ordinary resolution increase its capital, consolidate and divide its shares into shares of a larger amount or subdivide its shares into shares of a smaller amount or cancel any shares not taken or agreed to be taken by any person. The Company may by special resolution from time to time reduce its share capital in any way permitted by law. 192

195 Notes to the Financial Statements continued 6 Operating Expenses Investment Management and Performance Fees Investment management Share Class Fee JOHCM Continental European Fund GBP Class A 0.75% EUR Class A 0.75% USD Hedged Class A 0.75% GBP Hedged Class A 0.75% GBP Class B 1.25% EUR Class B 1.25% USD Hedged Class B 1.25% GBP Class Y 0.625% EUR Class Y 0.625% GBP Hedged Class Y 0.625% JOHCM UK Growth Fund GBP Class A 0.75% GBP Class B 1.25% JOHCM European Select Values Fund GBP Class A 0.75% EUR Class A 0.75% GBP Class B 1.25% EUR Class B 1.25% EUR Class X 1.50% EUR Non - Distributing Class 1.25% JOHCM Japan Fund GBP Class A 0.75% GBP Hedged Class A 0.75% EUR Class A 0.75% JPY Class A 0.75% GBP Class B 1.25% GBP Hedged Class B 1.25% EUR Class B 1.25% JPY Class B 1.25% JOHCM Global Select Fund GBP Class A 0.75% EUR Class A 0.75% USD Class A 0.75% GBP Class B 1.50% EUR Class B 1.50% USD Class B 1.50% EUR Non - Distributing Class 1.50% JOHCM Emerging Markets Fund GBP Class A 0.90% EUR Class A 0.90% USD Class A 0.90% GBP Class B 1.50% EUR Class B 1.50% USD Class B 1.50% GBP Class Y 0.80% Investment management Share Class Fee JOHCM Global Emerging Markets Opportunities Fund GBP Class A 0.90% EUR Class A 0.90% USD Class A 0.90% GBP Class B 1.50% EUR Class B 1.50% GBP Class Y 0.75% JOHCM Asia ex-japan Fund GBP Class A 0.90% EUR Class A 0.90% USD Class A 0.90% GBP Class B 1.50% EUR Class B 1.50% USD Class B 1.50% JOHCM Asia ex-japan Small and Mid-Cap Fund GBP Class A 0.90% EUR Class A 0.90% USD Class A 0.90% GBP Class B 1.50% EUR Class B 1.50% USD Class B 1.50% JOHCM Global Opportunities Fund GBP Class A 0.75% EUR Class A 0.75% USD Class A 0.75% GBP Class B 1.50% EUR Class B 1.50% USD Class B 1.50% GBP Class X 0.625% JOHCM Japan Dividend Growth Fund GBP Class A 0.625% GBP Hedged Class A 0.625% EUR Class A 0.625% USD Class A 0.625% USD Hedged Class A 0.625% EUR Class B 1.25% GBP Seed Class 0.25% JOHCM US Small Mid Cap Equity Fund GBP Class A 0.75% EUR Class A 0.75% USD Class A 0.75% EUR Class B 1.50% USD Class B 1.50% USD Seed Class 0.25% JOHCM European Concentrated Value Fund EUR Class A 0.75% JOHCM Global Smaller Companies Fund USD Class A 0.75% 193

196 Notes to the Financial Statements continued 6 Operating Expenses continued Investment Management and Performance Fees Investment Management Fees for Z class shares are negotiated separately with the Investment Manager and are not charged to the respective sub-fund. The Investment Manager of certain sub-funds has voluntarily agreed to waive a portion of its fees and / or reimburse certain expenses in respect of individual sub-funds so that the total expenses of those sub-funds will not exceed voluntary expense limitations established for each respective sub-fund. The Investment Manager, at its discretion, may revise or discontinue the voluntary waivers and/or expense reimbursements at any time. For the years ended 31 December 2015 and 31 December 2014, the Investment Management fees waived and reimbursed were as follows: Sub-Fund 31 December December JOHCM Emerging Markets Fund JOHCM All Europe Dynamic Growth Fund* - 5 JOHCM Asia ex-japan Small and Mid-Cap Fund - 5 JOHCM Global Opportunities Fund - 10 JOHCM Japan Dividend Growth Fund 1 9 JOHCM US Small Mid Cap Equity Fund JOHCM European Concentrated Value Fund JOHCM Global Smaller Companies Fund * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February Additionally, the Investment Manager receives a performance fee based on the out-performance of each sub-fund s return over an index specific to each sub-fund. The performance fee equates to 15% of the out-performance and is accrued daily and payable annually in arrears in respect of each performance year. The performance year for all sub-funds was the period commencing 1 January 2016 or the inception date if later. The Fund Performance in respect of a performance period is the arithmetical difference between the NAV per share on the last business day of the preceding performance period, which reflects the charging of a performance fee, if any, in respect if the previous performance period, and the NAV per share on the last business day of the performance period expressed as a percentage. Administration Fees The Administrator is entitled to an annual fee payable by the Company not exceeding EUR 45,000 per annum per sub-fund with up to 2 share classes and in addition, up to EUR 4,500 per annum for each additional share class plus Domiciliary and Corporate Agent Fees of up to EUR 13,000 per annum for the Company. Such fees are accrued daily and are payable monthly in arrears. The Administrator is also entitled to the payment of fees for acting as Registrar and Transfer Agent and transaction charges (charged at normal commercial rates), based on transactions undertaken by the Company, the number of subscriptions, redemptions, exchanges and transfer of shares processed by the Administrator and time spent on company shareholder servicing duties and to the reimbursement of operating expenses. The Administrator is also entitled to be repaid for all of its out-of-pocket expenses incurred on behalf of the Company, which shall include reasonable legal fees, courier fees, telecommunications and expenses. 194

197 Notes to the Financial Statements continued 6 Operating Expenses continued Depositary Fees Effective to 31 March 2016 The Depositary is entitled to safekeeping fees ranging from 0.003% p.a. to 0.800% p.a. of the Net Asset Value of the subfund depending on the location of the assets held, subject to a minimum fee of EUR 7,000 per annum, per sub-fund and to transaction charges charged at normal commercial rates. In addition, the Depositary is entitled to an annual Trustee Fee of up to 0.03% of the Net Asset Value of the sub-fund, subject to a minimum fee of up to EUR 5,000 per annum per sub-fund. Such fees shall accrue daily and be payable monthly in arrears. The Depositary is also be entitled to be reimbursed for reasonable out-of-pocket expenses properly incurred by it, including telephone and fax charges, stamp duties, proxy voting and registration fees. Effective to 1 April 2016 The Depositary is entitled to safekeeping fees not exceeding % p.a. of the Net Asset Value of the sub-fund depending on the location of the assets held, subject to a minimum fee of EUR 7,700 per annum, per sub-fund and to transaction charges charged at normal commercial rates. In addition, the Depositary is entitled to an annual Trustee Fee of up to 0.03% of the Net Asset Value of the sub-fund, subject to a minimum fee of up to EUR 5,000 per annum per sub-fund. Such fees shall accrue daily and be payable monthly in arrears. The Depositary is also be entitled to be reimbursed for reasonable out-of-pocket expenses properly incurred by it, including telephone and fax charges, stamp duties, proxy voting and registration fees. Directors Remuneration The Directors are entitled to a fee in remuneration for their services at a rate to be determined from time to time by the Directors, but so that the aggregate amount of Directors remuneration in any one financial year shall not exceed EUR 75,000. Helen Vaughan is not entitled to fees. Directors fees charged for the financial year ended 31 December 2016 and 31 December 2015 were as follows: 31 December December Director fees Total Auditors Remuneration The paid amount for work carried out for the Company for the financial year end is as follows: 31 December December Audit services (including VAT) Audit Fee Non audit services (including VAT) Tax Advisory Fee Other non-audit services 2 44 Total

198 Notes to the Financial Statements continued 6 Operating Expenses continued Service Provider Fees For the financial year ended 31 December 2016 and 31 December 2015, the service provider fees were as follows: 31 December December Administration fees 1, Depositary fees 1,098 1,630 Depositary Oversight fees Transfer and domiciliary agency fees 1, Total 4,123 4,070 7 Related Parties For the financial year ended 31 December 2016 the Company received GBP 244,000 (2015: GBP 287,000) in total as Reimbursement from the Investment Manager. The Investment Manager is a related party under this definition. Ms. Vaughan is Chief Operating Officer of J O Hambro Capital Management Limited, the Investment Manager of the Company. For the financial year ended 31 December 2016 the Company incurred GBP 65,997,000 (2015: GBP 61,407,000) in total for investment management fees. As discussed in note 6, the Investment Manager is entitled to receive performance fees. For the financial year ended 31 December 2016, the Company accrued GBP 12,824,000 (2015: GBP 25,807,000) in total for performance fees. Graham Warner is a non-executive Director of J O Hambro Capital Management Umbrella Fund plc. As at 31 December 2016, Graham Warner held no shares in J O Hambro Capital Management Umbrella Fund plc (2015: nil). Ms. Vaughan held 8,772 shares in JOHCM Global Select Fund as at 31 December 2016 (31 December 2015: 8,772 shares) and 5,597 shares in JOHCM Emerging Markets Fund as at 31 December 2016 (31 December 2015: 5,597). As at 31 December 2016, J O Hambro Capital Management Limited held shares in the Company as follows: Opening Shares Subscriptions Shares Monetary 000 Redemption Shares Monetary 000 Closing Shares JOHCM Continental European Fund Class Y GBP JOHCM European Select Value Fund Class A GBP 57, (58, ) (242) - JOHCM Japan Fund Class A Hedged GBP 1, (1, ) (2) - JOHCM Global Select Fund Class Z GBP 862, , (657, ) (932) 213, JOHCM Emerging Market Fund Class Y GBP - 106, , JOHCM Global Emerging Market Opportunities Fund Class A EUR 165, , Class B EUR 11, ,

199 Notes to the Financial Statements continued 7 Related Parties continued Opening Shares Subscriptions Shares Monetary 000 Redemption Shares Monetary 000 Closing Shares JOHCM Asia ex-japan Fund Class A EUR 144, , Class B EUR 11, , Class Z GBP - 467, (233, ) - 233, JOHCM Asia ex-japan Small and Mid-Cap Fund Class A EUR 146, , Class A USD 1,224, ,224, Class B EUR 11, , Class B USD 15, , Class Z GBP 24, , (101, ) - 227, JOHCM Global Opportunities Fund Class A EUR 154, , Class A USD 195, , Class B EUR 12, , Class B USD 15, , JOHCM Japan Dividend Growth Fund Class A GBP 888, , , Class A Hedged GBP 807, , , Class A EUR 151, , , Class A USD 207, , $ , Class A Hedged USD 207, , Class B EUR 12, , JOHCM US Small Mid Cap Equity Fund Class A GBP 10, , Class A EUR 10, , Class A USD 10, , Class B EUR 10, , Class B USD 10, , USD Seed 4,937, ,757, $7, ,695, JOHCM European Concentrated Value Fund Class A EUR 4,235, (82, ) - 4,152, JOHCM Global Smaller Companies Fund Class A USD 4,461, ,461,

200 Notes to the Financial Statements continued 7 Related Parties continued As at 31 December 2015, J O Hambro Capital Management Limited held shares in the Company as follows: Opening Shares Subscriptions Shares Monetary 000 Redemption Shares Monetary 000 Closing Shares JOHCM Continental European Fund Class Y GBP 29, (29, ) (34) JOHCM European Select Value Fund Class A GBP 79, , (23, ) (95) 57, Class B GBP ( ) (2) - JOHCM Japan Fund Class A Hedged GBP 140, , (140, ) (222) 1, JOHCM Global Select Fund Class Z GBP 881, , (440, ) - 862, JOHCM All Europe Dynamic Growth Fund* Class A GBP 2,853, (2,853, ) (3,744) - Class A EUR 148, (148, ) (256) - Class B GBP 10, (10, ) (13) - Class B EUR 11, (11, ) (18) - JOHCM Global Emerging Market Opportunities Fund Class A EUR 165, , Class B EUR 11, , JOHCM Asia ex-japan Fund Class A GBP 58, (58, ) (93) - Class A EUR 144, , Class B EUR 11, , JOHCM Asia ex-japan Small and Mid-Cap Fund Class A EUR 146, , Class A USD 1,224, ,224, Class B EUR 11, , Class B USD 15, , Class Z GBP - 24, , JOHCM Global Opportunities Fund Class A EUR 154, , Class A USD 194, $ , Class B EUR 12, , Class B USD 15, ,

201 Notes to the Financial Statements continued 7 Related Parties continued Opening Shares Subscriptions Shares Monetary 000 Redemption Shares Monetary 000 Closing Shares JOHCM Japan Dividend Growth Fund Class A GBP 807, , , Class A Hedged GBP 807, , Class A EUR 151, , Class A USD 207, , Class A Hedged USD 207, , Class B EUR 12, , JOHCM US Small Mid Cap Equity Fund Class A GBP 10, , Class A EUR 10, , Class A USD 10, , Class B EUR 10, , Class B USD 10, , USD Seed 4,937, ,937, JOHCM European Concentrated Value Fund** Class A EUR - 4,235, , ,235, JOHCM Global Smaller Companies Fund*** Class A USD - 4,461, $4, ,461, * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February ** JOHCM European Concentrated Value Fund launched on 31 March *** JOHCM Global Smaller Companies Fund launched on 31 March The Secretary did not hold any shares of the Company during the financial year or at the financial year end (2015: nil). Directors Remuneration A list of members of the Board of Directors is shown on page 3 of this report. Directors remuneration is discussed in note 6. 8 Risk Associated with Financial Instruments The sub-funds utilise various methods to value investments measured at fair value on a recurring and non recurring basis. Fair Valuation Estimation The Financial Reporting Council has issued an amendment to FRS 102 fair value hierarchy disclosures which aligns with IFRS 13 Fair Value Measurement effective for accounting periods beginning on or after 1 January 2017 with early application permitted. The Company has elected to apply the amendment for these financial statements. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement (lowest being Level 3). Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company s management s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The determination of what constitutes observable requires significant judgment 199

202 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued by the Company s management. Management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company s management s perceived risk of that instrument. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company s management s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Management uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The three levels of inputs are defined as follows Level 1 - The unadjusted quoted price in active markets for identical assets or liabilities that the entity can access at the measurement date (Level 1); Level 2 - Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly (Level 2); and Level 3 - Inputs that are unobservable (i.e. for which market data is unavailable) for the asset or liability (Level 3). Transfer between level 1 and 2 There have been no significant transfers between Level 1 and Level 2 during the financial year ended 31 December 2016 and financial year ended 31 December Valuation Techniques The fair value of ordinary shares or preference shares that do not have a quoted market price in an active market is reliably measurable if: (i) the variability in the range of reasonable fair value estimates is not significant for that asset; or (ii) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value. There are many situations in which the variability in the range of reasonable fair value estimates of assets that do not have a quoted market price is likely not to be significant. Normally it is possible to estimate the fair value of ordinary shares or preference shares that an entity has acquired from an outside party. However, if the range of reasonable fair value estimates is significant and the probabilities of the various estimates cannot be reasonably assessed, an entity is precluded from measuring the ordinary shares or preference shares at fair value. If a reliable measure of fair value is no longer available for an asset measured at fair value (e.g. ordinary shares or preference shares measured at fair value through profit or loss), its carrying amount at the last date the asset was reliably measurable becomes its new cost. The entity shall measure the ordinary shares or preference shares at this cost amount less impairment until a reliable measure of fair value becomes available. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Company s accounting policies in relation to derivatives are set out in note 2 to the financial statements and the Company has a Risk Management Process in place for the use of financial derivative investments which has been approved by the Board and the Central Bank of Ireland. The Board has designated Carne Global Financial Services Limited ( Carne ) as being responsible for risk management. Carne ensures that procedures are in place so that all significant risks to the Company can be identified, monitored and managed at all times. Carne reports to the Board quarterly based on the reports supplied by the Company s Investment Manager and Administrator. 200

203 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Set out below is a description of some of the more important types of risk and an outline of the processes the Investment Manager has implemented to assess, monitor and control these specific risks: The Company invests in the following financial instruments which are classified under Level 2. These instruments are valued as follows; Options Options contracts are valued at the settlement price as determined by the market in question. If such market price is not available, the value shall be the probable realisation value estimated with care and in good faith by the Directors or such other competent person approved for the purpose by the Depositary. Unlisted Equities Unlisted equities are valued at the probable realisation value as determined with care and in good faith by such competent persons as may be appointed by the Directors and approved for the purpose by the Depositary. Contracts for Difference Contracts for Difference are valued by the counterparty at least daily. The valuation must be approved or verified weekly by a third party who is independent of the counterparty and who is approved for the purpose by the Depositary. Upon entering into contracts for differences, the sub-funds pledge cash (financial assets) collateral against the contracts for differences financial liabilities. As at 31 December 2016 GBP 465,000 was pledged on the JOHCM European Select Values Fund (31 December 2015: GBP 190,000). Forward Contracts Forward exchange contracts are valued by reference to the price at which a new forward contract of the same size and maturity could be undertaken. The following tables summarise the inputs used to value the sub-funds financial instruments measured at fair value on a recurring and non-recurring basis as at 31 December 2016: Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM Continental European Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,658,398 1,658, Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (3,517) - (3,517) - Total 1,654,915 1,658,398 (3,483) - JOHCM UK Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 309, , Total 309, ,

204 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM European Select Values Fund Financial assets at fair value through profit or loss 2,306,679 2,306, Investments in transferable securities, at fair value Options 1,992 1, Foreign currency contracts Financial liabilities at fair value through profit or loss Contracts for difference (543) - (543) - Foreign currency contracts (11) - (11) - Total 2,308,237 2,308,671 (434) - JOHCM Japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 421, , Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (20) - (20) - Total 421, , JOHCM Global Select Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 2,186,491 2,186, Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (66) - (66) - Total 2,186,434 2,186,491 (57) - JOHCM Emerging Markets Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 25,022 25, Total 25,022 25, JOHCM Global Emerging Markets Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 217, , Financial liabilities at fair value through profit or loss Foreign currency contracts (1) - (1) - Total 217, ,724 (1) - JOHCM Asia ex-japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 473, , Total 473, ,

205 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM Asia ex-japan Small and Mid-Cap Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 56,798 56, Total 56,798 56, JOHCM Global Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 246, , Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (13) - (13) - Total 246, ,735 (12) - JOHCM Japan Dividend Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 98,354 98, Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (18) - (18) - Total 98,345 98,354 (9) - JOHCM US Small Mid Cap Equity Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 11,854 11, Total 11,854 11, JOHCM European Concentrated Value Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 4,806 4, Total 4,806 4, JOHCM Global Smaller Companies Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 3,595 3, Total 3,595 3,

206 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued The following tables summarise the inputs used to value the sub-funds financial instruments measured at fair value on a recurring and non recurring basis as at 31 December 2015: Assets and Liabilities Total Investments (level 1) (level2) (level 3) JOHCM Continental European Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,713,992 1,713, Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (12) - (12) - Total 1,714,520 1,713, JOHCM UK Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 362, , Total 362, , JOHCM European Select Values Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,601,236 1,601, Options 1,504 1, Foreign currency contracts Financial liabilities at fair value through profit or loss Contracts for difference (401) - (401) - Foreign currency contracts (1) - (1) - Total 1,602,340 1,602,740 (400) - JOHCM Japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 620, , Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (1) - (1) - Total 620, , JOHCM Global Select Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,870,328 1,870, Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (1) - (1) - Total 1,870,327 1,870,328 (1) - 204

207 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Assets and Liabilities Total Investments (level 1) (level2) (level 3) JOHCM Emerging Markets Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 22,108 22, Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts Total 22,108 22, JOHCM Global Emerging Markets Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 133, , Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts Total 133, , JOHCM Asia ex-japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 287, , Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts Total 287, , JOHCM Asia ex-japan Small and Mid-Cap Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 62,451 62, Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts Total 62,451 62, JOHCM Global Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 113, , Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts Total 113, ,

208 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Assets and Liabilities Total Investments (level 1) (level2) (level 3) JOHCM Japan Dividend Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 102, , Foreign currency contracts Financial liabilities at fair value through profit or loss Foreign currency contracts (2) - (2) - Total 102, , JOHCM US Small Mid Cap Equity Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 3,679 3, Total 3,679 3, JOHCM European Concentrated Value Fund* Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 2,925 2, Total 2,925 2, JOHCM Global Smaller Companies Fund** Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 2,699 2, Total 2,699 2, Global Exposure to Financial Derivative Instruments The Investment Manager s Risk Management department has assessed the risk profile of the Company and the related subfunds on the basis of the investment policy, strategy and the use of Financial Derivative Instruments ( FDIs ). Based on the risk profile, Risk Management has determined that the method for the calculation of the global exposure to FDIs for all subfunds will be the commitment approach, where the sub-fund holds FDIs. Breaches of the exposure limits, if any, are identified using commitment approach, addressed by the Investment Manager and reported to the Directors. An annual FDIs report is provided to the Central Bank detailing any exposure breaches in either the global exposure or counterparty risk exposure in respect of FDIs. During the financial year ended 31 December 2016 and financial year ended 31 December 2015 there were no breaches of the FDIs exposure limits. 206

209 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices and includes currency risk, interest rate risk and price risk. The Company s market risk management strategy is driven by the investment objectives of each of the sub-funds. The sub-funds are actively managed. The following specific processes are in place to control market risk and prohibit speculation: Market risk for all sub-funds is assessed by the Investment Manager in the context of the total portfolio being managed, where financial derivative instruments are included on a fully paid up exposure basis. Where options or option related financial derivative instruments are utilised, exposure is determined on a delta-weighted basis. Consideration is given to basis risk (the risk that the financial derivative instrument will not move in line with the physical position) where appropriate; Restrictions on gearing of portfolios are in place (as defined in the Company s Prospectus). Financial derivative instruments cannot be used to circumvent these restrictions; Net exposures of a sub-fund to an asset class, including the delta weighted exposure of derivative instruments are restricted by the Company s investment guidelines; In the case of use of financial derivative instrument positions to achieve exposure, the sub-funds hold sufficient cash or appropriate equivalent to meet potential obligations arising from the net derivative position. In the case of derivative positions to remove exposure, the sub-funds hold assets, which are considered a reasonable hedge. Price Risk The Company s equity securities and FDIs are susceptible to market price risk arising from uncertainties about the future prices of the instruments. The Company s market price risk is managed through diversification of the portfolios of the subfunds. Asset allocation is determined by the Company s Investment Manager who manages the allocation of assets to achieve each sub-fund s investment objective. Market risk exposures are measured through monitoring sector and country exposures against the relevant benchmark indices on a daily basis via live spreadsheets. The Board s best estimate of the effect on net assets and profits due to a reasonably possible change in equity indices with all other variables held constant is as follows: Market indices Change in equity price 31 December 2016 % Effect on net assets and profit 31 December Change in equity price 31 December 2015 % Effect on net assets and profit 31 December FTSE All Share 17 51, ,552 MSCI Europe Ex UK NR , ,567 Topix , ,383 MSCI ACWI NR , ,268 MSCI Europe NR , ,664 MSCI Emerging Markets NR 33 79,196 (10) (15,586) MSCI AC Asia ex-japan NR ,088 (4) (11,249) MSCI AC Asia ex-japan Small Cap NR 17 9, ,289 Russell TR 40 4, MSCI AC World SMID NR 30 1,

210 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Price Risk continued The information in the above table shows the combined net assets and profits per sub-fund or per sub-funds in the same market indices. The market indices are as per the below table. Fund JOHCM Continental European Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM Japan Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Global Emerging Markets Opportunities Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM Global Opportunities Fund JOHCM Japan Dividend Growth Fund JOHCM US Small Mid Cap Equity Fund JOHCM European Concentrated Value Fund JOHCM Global Smaller Companies Fund Index ( TR Stands for Total Return. All indices are sterling adjusted) MSCI Europe Ex UK NR Index FTSE All Share TR Index MSCI Europe NR Index TOPIX TR Index MSCI ACWI NR Index MSCI Emerging Markets NR Index MSCI Emerging Markets NR Index MSCI AC Asia ex-japan NR Index MSCI AC Asia ex-japan Small Cap NR Index MSCI ACWI NR Index TOPIX TR Index RUSSELL TR Index MSCI Europe NR Index MSCI ACWI SMID Cap Index TR stands for Total Return. All indices are sterling adjusted. The changes in equity price are based on the movement of ten financial year annualised rates. The Board believes that this is appropriate for portraying the underlying sub-fund s sensitivity to market movements. In practice the actual trading results may differ from the sensitivity analysis above and the difference could be material as all the sub-funds are actively managed. 208

211 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Currency Risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company s functional currency is Sterling (GBP). The Company invests in securities and other investments that are denominated in currencies other than the functional currency. Accordingly, the value of the Company s assets may be affected favourably or unfavourably by fluctuations in currency rates. Sub-funds may employ techniques and use instruments intended to provide protection against exchange rate risks in the context of the management of the assets and liabilities in line with the Company s Risk Management Process. This will involve the buying or selling of a foreign currency in order to complete a forward contract entered into at the same time as the initial transaction to eliminate exchange rate risk. A sub-fund may enter into forward foreign currency exchange contracts to hedge the foreign exchange risk implicit in the value of the portfolio securities denominated in a foreign currency. The rates of exchange to GBP as at 31 December 2016 and 31 December 2015 were: AED MXN AUD MYR BRL NOK CAD PHP CHF PKR CZK PLN DKK QAR EUR RUB HKD SEK HUF SGD IDR 16, , THB INR TRY JPY TWD KRW 1, , USD LKR ZAR The Investment Manager seeks to mitigate foreign currency risk by launching share classes denominated in currencies other than the reporting currency of the Fund. For the Japan Fund, while the base currency of the Fund is GBP, JPY hedged share classes have been introduced to provide investors with the same return as the underlying JPY assets. For the Continental European Fund, while the base currency of the Fund is GBP, EUR and USD hedged share classes have been introduced to provide investors with the same return as the underlying EUR and USD assets. For the Japan Dividend Growth Fund, while the base currency of the Fund is GBP, EUR and JPY hedged share classes have been introduced to provide investors with the same return as the underlying EUR and JPY assets. Table 1 overleaf analyses the net amount of monetary assets and liabilities held by each sub-fund at the Statement of Financial Position date denominated in currencies other than GBP, the functional currency. Table 2 on pages 214 to 215 discloses the Board s best estimates of the effect of a reasonably probable movement of the currency rate against Sterling, with the other variables held constant on the Statement of Comprehensive Income and equity. A negative amount in the table reflects a potential net reduction in Statement of Comprehensive Income or equity, while a positive amount reflects a net potential increase. In practice the actual trading results may differ from the below sensitivity analysis and the difference could be material. 209

212 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 1: Analysis of the net amount of foreign currency investments and net monetary assets and liabilities held by each sub-fund at the Statement of Financial Position date Currency Dec Total investments Dec Net foreign currency monetary assets Dec Dec Net foreign currency derivatives Dec Dec Dec Total exposure Dec JOHCM Continental European Fund CHF 168, ,071 (1,681) 1,722 1,681 (1,722) 168, ,071 CZK 16, ,601 - DKK 65,941 76,743 3 (9,412) - (1,755) 65,944 65,576 EUR 1,384,584 1,419,902 16,945 (1,548) (343,488) (265,160) 1,058,041 1,153,194 NOK (4) (4) SEK 8,732 4, ,732 4,283 USD 14,244 - (166) , ,252 78, ,137 Total 1,658,398 1,713,993 15,101 (8,351) (277,386) (168,385) 1,396,113 1,537,257 JOHCM UK Growth Fund USD Total JOHCM European Select Values Fund CAD 9, ,479 - CHF 56, , , ,500 DKK 35,381 29, ,381 29,732 EUR 1,708,082 1,085,485 (9,736) (849) 1,698,463 1,085,363 HKD (543) (274) (543) (274) NOK 1, , SEK 29,545 30, ,545 30,156 USD 227, , ,624 1, , ,832 Total 2,067,773 1,419,069 (9,736) , ,069,235 1,420,177 JOHCM Japan Fund EUR - - (122) (48) - - JPY 421, ,822 10,763 (10,934) (175,817) (300,014) 256, ,874 Total 421, ,822 10,641 (10,886) (175,695) (300,062) 256, ,874 JOHCM Global Select Fund AUD 85,321 58, ,321 58,103 BRL 48, ,240 - CAD 87, (212) - 87,128 - CHF - 57, ,699 DKK - 53, ,732 EUR 345, , (315) , ,814 HKD 86, , , ,574 JPY 230, ,951 3,670 - (9,683) - 224, ,951 KRW 87,728 55, ,776 56,137 USD 1,126, ,804 92,879 75,513 10,173 (466) 1,229,205 1,061,851 Total 2,097,432 1,813,428 98,319 76,482 (37) (49) 2,195,714 1,889,

213 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 1 continued Currency Dec Total investments Dec Net foreign currency monetary assets Dec Dec Net foreign currency derivatives Dec Dec Dec Total exposure Dec JOHCM Emerging Markets Fund AED BRL (2) (31) CAD CZK EUR HKD 4,425 5,279 (38) ,425 5,279 HUF (5) IDR INR 1,883 1, ,883 1,742 KRW 3,739 3, ,768 3,355 MXN 683 1,065 - (11) ,065 MYR PHP PLN (21) SGD THB TRY (3) TWD 1,944 1, ,945 1,640 USD 6,063 3, (16) (20) 6,312 3,487 ZAR 1, (19) - 1,164 1,004 Total 24,853 21, (17) 25,191 21,994 JOHCM Global Emerging Markets Opportunities Fund BRL 4,207 2, ,207 2,968 EUR HKD 31,316 34, ,316 34,072 INR 21,903 9, ,903 9,719 KRW 35,860 19, ,165 19,295 PLN 2, ,558 - RUB 1, , THB - 2,004 1,143 - (832) ,004 TWD 37,278 18, ,278 19,209 USD 63,192 35,552 3,430 5, ,040 67,403 42,030 ZAR 14,111 9, ,111 9,411 Total 211, ,997 4,878 6,213 (51) 1, , ,

214 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 1 continued Currency Dec Total investments Dec Net foreign currency monetary assets Dec Dec Net foreign currency derivatives Dec Dec Dec Total exposure Dec JOHCM Asia ex-japan Fund EUR - - (45) (411) HKD 155, , , ,786 IDR 46,847 19,316 1, ,035 19,316 INR 88,830 77, ,830 77,812 KRW 34,637 14, ,975 15,081 PHP - 12, ,502 SGD 16, ,661 - TWD 108,622 56, ,622 57,367 USD 22,253 6,042 3,822 22,526 (89) (478) 25,986 28,090 Total 473, ,857 5,303 22,986 (44) , ,954 JOHCM Asia ex-japan Small and Mid-Cap Fund DKK EUR - - (54) (62) - - HKD 9,589 23, (820) (65) 863 9,601 23,209 IDR 6, ,944 - INR 9,981 17,704 1,542 (681) ,523 17,023 KRW 3, ,923 - MYR 1,956 3,145 - (24) - - 1,956 3,121 PHP 1, ,226 - SGD 2,724 - (12) - 6-2,718 - TWD 20,521 13, (355) ,654 13,454 USD - 4,627 (1,702) 7,411 (4) (772) (1,706) 11,266 Total 56,798 62, ,593 (9) 29 56,839 68,073 JOHCM Global Opportunities Fund AUD - 2, ,778 CHF 12,884 5, ,884 5,025 EUR 50,468 22,234 1,178 (40) (1,178) 40 50,468 22,234 HKD 8, ,973 - INR JPY 37,079 9,067 (166) ,913 9,107 USD 99,406 53,128 57,880 23,739 2, ,346 76,922 Total 208,810 92,232 58,894 23, , ,066 JOHCM Japan Dividend Growth Fund EUR (2) JPY 98, ,647 2,546 (419) (33,249) (22,468) 67,651 79,760 USD ,824 2,889 1,824 2,889 Total 98, ,647 2,548 (419) (31,427) (19,579) 69,475 82,

215 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 1 continued Currency Dec Total investments Dec Net foreign currency monetary assets Dec Dec Net foreign currency derivatives Dec Dec Dec Total exposure Dec JOHCM US Small Mid Cap Equity Fund USD 11,854 3, (30) - 12,287 3,819 Total 11,854 3, (30) - 12,287 3,819 JOHCM European Concentrated Value Fund CHF EUR 3,424 1, ,713 1,979 SEK USD Total 4,130 2, ,419 2,607 JOHCM Global Smaller Companies Fund CHF CZK DKK EUR HKD INR JPY USD 2,593 1, ,630 2,032 Total 3,396 2, ,433 2,

216 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 2*: Analysis of the effect of a reasonably possible movement of the currency exchange rate against GBP for each sub-fund Currency Change to currency rate in percentage 2016 % Effect on profit before tax Effect on net assets Change to currency rate in percentage 2015 % Effect on profit before tax Effect on net assets JOHCM Continental European Fund EUR (1) 10,688 10, USD (2) 1,602 1,602 (2) 2,064 2,064 JOHCM UK Growth Fund EUR USD (2) 1 1 (2) 1 1 JOHCM European Select Values Fund EUR (1) 17,156 17, USD (2) 4,886 4,886 (2) 2,935 2,935 JOHCM Japan Fund JPY (1) 2,594 2,594 1 (3,068) (3,068) JOHCM Global Select Fund EUR (1) 3,500 3, JPY (1) 2,267 2,267 1 (2,198) (2,198) USD (2) 25,085 25,085 (2) 21,670 21,670 JOHCM Emerging Markets Fund EUR (1) HKD (2) USD (2) (2) JOHCM All Europe Dynamic Growth Fund** EUR USD (2) - - JOHCM Global Emerging Markets Opportunities Fund EUR HKD (2) USD (2) 1,376 1,376 (2) JOHCM Asia ex-japan Fund HKD (2) 1,077,557 1,077,557 (2) 2,057 2,057 INR (1,526) (1,526) USD (2) (2) JOHCM Asia ex-japan Small and Mid-Cap Fund EUR HKD (2) INR 1 762, ,750 2 (334) (334) USD (2) (35) (35) (2) * Figures are rounded to the nearest whole number. ** JOHCM All Europe Dynamic Growth Fund was terminated on 23 February

217 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 2* continued Currency Change to currency rate in percentage 2016 % Effect on profit before tax Effect on net assets Change to currency rate in percentage 2015 % Effect on profit before tax Effect on net assets JOHCM Global Opportunities Fund EUR (1) JPY (1) (90) (90) USD (2) 3,252 3,252 (2) 1,570 1,570 JOHCM Japan Dividend Growth Fund JPY (1) (790) (790) USD (2) (2) JOHCM US Small Mid Cap Equity Fund USD (2) (2) JOHCM European Concentrated Value Fund EUR (1) USD (2) (2) 6 6 JOHCM Global Smaller Companies Fund EUR (1) JPY (1) (3) (3) USD (2) (2) * Figures are rounded to the nearest whole number. Cash Account Risk Subscription monies will become the property of a sub-fund upon receipt and accordingly investors will be treated as a general creditor of a sub-fund during the period between receipt of subscription monies and the issue of shares. Any failure to supply the sub-fund or the Administrator with any documentation requested by them for anti-money laundering purposes may result in a delay in the settlement of redemption proceeds or dividend payments. In such circumstances, the Administrator will process any redemption request received by a shareholder and by doing so that investor will no longer considered a shareholder notwithstanding that they have not received the redemption proceeds. In the event of the insolvency of the Company or the relevant sub-fund, the shareholder will rank as an unsecured creditor of the sub-fund until such time as the Administrator is satisfied that its anti-money-laundering procedures have been fully complied with, following which redemption proceeds will be released or the dividend paid (as applicable) to the relevant shareholder. Accordingly, shareholders are advised to promptly provide the sub-fund or Administrator (as appropriate) with all documentation requested to reduce the risk in this scenario. The Administrator also operates the Cash Account with respect to receipt of subscription monies. In this scenario, the investor is subject to the risk of becoming an unsecured creditor in the event of the insolvency of the Company or the relevant subfund during the period between receipt of subscription monies and the Dealing Day on which the shares are issued. In the case of sub-funds which operate on a cleared funds basis, in the event of an insolvency of the Company or the relevant sub-fund, the rights of the investor to money held in the Cash Account which have been received from the investor in advance of shares being issued, are those of an unsecured creditor of the sub-fund. In such a case the investor will not be a shareholder. 215

218 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Credit Risk Credit risk is the risk that an issuer or counterparty will be unable to meet a commitment that it has entered into with the Company. It is the Company s policy to enter into financial transactions with a range of reputable counterparties thus diversifying the risk. Therefore, the Company does not expect to incur material credit losses on its financial instruments. The depositary agreement between the Company and the Depositary provides that the appointment of the Depositary shall continue until terminated by either party on not less than 90 days prior written notice or earlier upon certain breaches or the insolvency of either party. The Depositary is liable for any loss suffered by the Company or the Shareholders as a result of the Depositary s negligent or intentional failure to properly fulfil its obligations under the UCITS Regulations In the event of a loss of financial instrument held in custody, the Depositary must immediately return a financial instrument of identical type or the corresponding amount to the Company. With respect to Financial Derivative Instruments ( FDIs ), credit risk arises from the potential failure of counterparties to meet their obligations under the contract or arrangement. It is controlled in the following ways: A process is in place to enable the creditworthiness of counterparties to be assessed and limits established regarding exposure to each counterparty. The counterparty s financial statements are reviewed. A list of approved counterparties and exposure limits is approved by the Head of Compliance of the Investment Manager; Counterparty risk exposure to approved counterparties is monitored against the established limits; Standard legal agreements are entered into to govern the relationship with the counterparty; All exchange traded derivatives are executed through approved brokers and cleared through a clearing broker with the appropriate documentation in place; OTC derivatives (put options and equity swaps) may only be entered into with an approved counterparty using standard documentation. The FDI must be capable of being priced on a daily basis. As at 31 December 2016, the counterparties of the Company are RBC Investor Services Bank S.A., Dublin Branch and Goldman Sachs International. Both are considered reputable counterparties. All financial assets and liabilities of the Company as at 31 December 2016 are held with RBC Investor Services Bank S.A., Dublin Branch except for GBP 1,566,000 (December 2015: GBP 1,103,000) which is held by Goldman Sachs International. As at 31 December 2016 RBC Investor Services Bank S.A. has a credit rating of AA- with S&P (as at 31 December 2015: AA- for S&P) and Goldman Sachs International has a credit rating of A1 with Moody s (as at 31 December 2015: A1 for Moody s). JOHCM All Europe Dynamic Growth Fund was terminated on 23 February 2015 and had no significant credit risk exposure. The Company s maximum credit exposure is as follows: 31 December December JOHCM Continental European Fund Investments in financial derivative instruments Amounts due from brokers - 7,050 Other receivables Securities lending (collateralised) 58,998 96,249 JOHCM UK Growth Fund Investments in financial derivative instruments - - Amounts due from brokers 1,658 - Other receivables 1 6 Securities lending (collateralised)

219 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Credit Risk continued 31 December December JOHCM European Select Values Fund Investments in financial derivative instruments 1,558 1 Amounts due from brokers - 95 Other receivables 25 8 Securities lending (collateralised) 271, ,280 Assets held in Goldman Sachs: Investments in financial derivative instruments 1,566 1,103 JOHCM Japan Fund Investments in financial derivative instruments Amounts due from brokers 14,232 6,941 Other receivables JOHCM Global Select Fund Investments in financial derivative instruments - - Amounts due from brokers 17,715 5,427 Other receivables 8 1 Securities lending (collateralised) 277,020 76,091 JOHCM Emerging Markets Fund Investments in financial derivative instruments - - Amounts due from brokers Other receivables Securities lending (collateralised) JOHCM Global Emerging Markets Opportunities Fund Investments in financial derivative instruments - - Amounts due from brokers 1,143 - Other receivables 9 - Securities lending (collateralised) 9, JOHCM Asia ex-japan Fund Investments in financial derivative instruments - - Amounts due from brokers 1,188 - Other receivables 7 3 Securities lending (collateralised) 31,187 3,821 JOHCM Asia ex-japan Small and Mid-Cap Fund Investments in financial derivative instruments - - Amounts due from brokers 1,004 - Other receivables 14 1 Securities lending (collateralised) 2,438 1,

220 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Credit Risk continued 31 December December JOHCM Global Opportunities Fund Investments in financial derivative instruments - - Amounts due from brokers - - Other receivables 9 1 JOHCM Japan Dividend Growth Fund Investments in financial derivative instruments - 9 Amounts due from brokers 992 Other receivables 8 - JOHCM US Small Mid Cap Equity Fund Investments in financial derivative instruments - - Amounts due from brokers - Other receivables 7 - Securities lending (collateralised) JOHCM European Concentrated Value Fund Other receivables JOHCM Global Smaller Companies Fund Other receivables 3 8 Securities lending (collateralised) Portfolio Management Risk Due to the nature of futures, cash to meet initial and future margin deposits may be held by a broker with whom the subfund has an open position. On execution of the option the sub-fund may pay a premium to a counter party. In the event of bankruptcy of the counter party the option premium may be lost in addition to any unrealised gains where the contract is in the money. The sub-funds have not entered into any such contracts to date. Operational Risk Operational risk comprises the risk that deficiencies in the effectiveness and accuracy of information systems or internal controls will result in a material loss. The risk arises from human error, systems failures, inadequate procedures or internal management controls: The valuation standards and systems utilised by the Administrator are consistent with current industry standards, with derivatives valued at market value and exposures stated on a delta-adjusted basis; Valuation/pricing of all financial derivative instruments are sourced and reported independently, using appropriate methodologies as appropriate for the instrument; There is segregation of duties between the Investment Manager and the Administrator; Operational control procedures are in place to enable prompt and accurate recording of physical and derivative transactions and protect the integrity of systems and portfolio information. All trades are booked on trade date and the transaction history cannot be deleted from the system; Independent reconciliations of portfolio holdings and frequent broker confirmations are carried out by both the Investment Manager and the Administrator on a monthly basis and signed off by senior personnel and; New types of derivative instruments must be approved for use by the Board after consideration of the investment and operational risks and requirements and documented business continuity/disaster recovery plans are in place for both the Investment Manager and the Administrator. 218

221 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued. The Investment Manager analyses and monitors the portfolios of the sub-funds on a daily basis. Exposure is measured by market, asset class, sector and market capitalisation. Pre and post trade compliance monitoring is carried out to ensure that there are no breaches of the sub-funds investment guidelines. Cross Liability between sub-funds The Company is established as an umbrella fund with segregated liability between sub-funds. As a matter of Irish law, the assets of one sub-fund will not be available to satisfy the liabilities of another. However, the Company is a single legal entity which may operate or have assets held on its behalf or be subject to claims in other jurisdictions which may not necessarily recognise such segregation. There is no guarantee that the courts of any jurisdiction outside Ireland will respect the limitations on liability associated with segregated liability companies nor is there any guarantee that the creditors of one sub-fund will not seek to enforce such sub-fund s obligations against another sub-fund. Liquidity Risk Liquidity risk is the risk that the sub-funds will encounter difficulty in realising assets or otherwise raising funds to meet commitments associated with financial instruments. Ultimate responsibility for liquidity risk management rests with the Board which has built an appropriate liquidity risk management framework for the management of the Company s liquidity management requirements. Generally the sub-funds assets are composed of actively traded and highly liquid securities. The liquidity risks associated with the need to satisfy Shareholders requests for redemptions are mitigated by maintaining a constant pool of cash to satisfy usual levels of demand and by holding liquid securities. Redemptions are settled on a T+3 basis (redemptions are paid out three days after trade date) and therefore it is possible to sell securities to meet redemptions as appropriate. The sub-funds avoid entering into derivative contractual arrangements that produce an exposure not covered by sufficient liquid assets or a total investment exposure in excess of total Shareholders funds. The risk management framework adopted requires coverage to be composed of cash reserves or physical securities. The Company s listed securities are considered to be readily realisable as they are listed on Recognised Exchanges. Please see the table on pages 192 to 205 illustrating the liquidity of each sub-funds portfolio. The liquidity is controlled in the following ways: Daily monitoring of the liquidity of all instruments used, including Financial Derivative Investments (FDI), in the context of the investment objectives and liquidity requirements of each sub-fund. Cash positions are monitored and reported on a daily basis to ensure that each sub-fund has sufficient capacity to meet obligations arising from its FDI positions; and Procedures are in place to review each sub-fund s cash weightings to ensure liquidity requirements will be met in the event of extreme market movements to meet obligations at expiry/maturity. 219

222 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Continental European Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 1,658, ,658,398 Investments in financial derivative instruments Cash and cash equivalent 16, ,408 Dividends receivable Subscriptions receivable 8, ,254 Other receivables Other receivables TOTAL ASSETS 1,683, ,683,372 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 3, ,517 Redemptions payable 7, ,195 Amounts due to brokers 1, ,681 Management, directors and advisory fees payable - 1, ,058 Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,669, ,669,285 TOTAL LIABILITIES 1,678,161 5, ,683,372 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 1,713, ,713,992 Investments in financial derivative instruments Dividends receivable Subscriptions receivable 4, ,486 Amounts due from brokers 7, ,050 Other receivables TOTAL ASSETS 1,725,528 1, ,726,676 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft 11, ,170 Redemptions payable Amounts due to brokers 6, ,514 Management, directors and advisory fees payable - 1, ,150 Performance fee payable - 13, ,252 Other payables Net assets attributable to redeemable participating shareholders ,693, ,693,594 TOTAL LIABILITIES 1,712,093 14, ,726,

223 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM UK Growth Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 309, ,445 Dividends receivable Subscriptions receivable Amounts due from brokers 1, ,658 Other receivables TOTAL ASSETS 311, ,000 LIABILITIES 2016 ( 000) Bank Overdraft 1, ,721 Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Net assets attributable to redeemable participating shareholders , ,358 TOTAL LIABILITIES 311, ,000 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 362, ,983 Cash and cash equivalent 1, ,389 Dividends receivable Subscriptions receivable Other receivables TOTAL ASSETS 364, ,945 LIABILITIES 2015 ( 000) Redemptions payable Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,333 TOTAL LIABILITIES 364, ,

224 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM European Select Values Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 2,306, ,306,679 Investment in financial derivative instruments , ,112 Cash and cash equivalent 104, ,665 Cash collateral Subscriptions receivable 2, ,811 Other receivables TOTAL ASSETS 2,414, , ,416,757 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable 12, ,318 Management, directors and advisory fees payable - 1, ,931 Performance fee payable - 12, ,340 Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,389, ,389,296 TOTAL LIABILITIES 2,401,737 14, ,416,757 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 1,601, ,601,236 Investment in financial derivative instruments - 1, ,506 Cash and cash equivalent 100, ,053 Cash collateral Subscriptions receivable 1, ,086 Amounts due from brokers Other receivables TOTAL ASSETS 1,702,660 1, ,704,173 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable Management, directors and advisory fees payable - 1, ,434 Performance fee payable - 9, ,572 Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,692, ,692,190 TOTAL LIABILITIES 1,692,583 11, ,704,

225 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Japan Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 421, ,856 Investment in financial derivative instruments Cash and cash equivalent 9, ,205 Dividends receivable Subscriptions receivable 2, ,443 Amounts due from brokers 14, ,232 Other receivables TOTAL ASSETS 447, ,027 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable 1, ,413 Amounts due to brokers 12, ,075 Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,149 TOTAL LIABILITIES 447, ,027 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 620, ,822 Investment in financial derivative instruments Cash and cash equivalent Dividends receivable Subscriptions receivable 1, ,678 Amounts due from brokers 6, ,941 Other receivables TOTAL ASSETS 629, ,123 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft 11, ,411 Redemptions payable Amounts due to brokers 7, ,362 Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,978 TOTAL LIABILITIES 629, ,

226 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Global Select Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 2,186, ,186,491 Investments in financial derivative instruments Cash and cash equivalent 99, ,893 Dividends receivable - 3, ,361 Subscriptions receivable 2, ,196 Amounts due from brokers 17, ,715 Other receivables TOTAL ASSETS 2,306,295 3, ,309,673 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable 3, ,336 Amounts due to brokers 21, ,494 Management, directors and advisory fees payable - 1, ,746 Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,282, ,282,827 TOTAL LIABILITIES 2,307,657 2, ,309,673 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 1,870, ,870,328 Cash and cash equivalent 89, ,309 Dividends receivable - 2, ,760 Subscriptions receivable Amounts due from brokers 5, ,427 Other receivables TOTAL ASSETS 1,965,329 2, ,968,091 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable Amounts due to brokers 20, ,593 Management, directors and advisory fees payable - 1, ,575 Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,944, ,944,964 TOTAL LIABILITIES 1,966,292 1, ,968,

227 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Emerging Markets Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 25, ,022 Cash and cash equivalent Dividends receivable Subscriptions receivable Amounts due from brokers Receivable from investment manager Other receivables TOTAL ASSETS 25, ,693 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Bank overdraft Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,388 TOTAL LIABILITIES 25, ,693 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 22, ,108 Cash and cash equivalent Dividends receivable Subscriptions receivable Amounts due from brokers Receivable from investment manager Other receivables TOTAL ASSETS 22, ,463 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,185 TOTAL LIABILITIES 22, ,

228 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Global Emerging Markets Opportunities Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 217, ,724 Cash and cash equivalent 3, ,193 Dividends receivable Subscriptions receivable Amounts due from brokers 1, ,143 Receivable from investment manager Other receivables TOTAL ASSETS 222, ,637 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Payable on redemptions Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,470 TOTAL LIABILITIES 222, ,637 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 133, ,899 Cash and cash equivalent 6, ,403 Dividends receivable Subscriptions receivable 1, ,042 TOTAL ASSETS 141, ,635 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Bank overdraft Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,886 TOTAL LIABILITIES 141, ,

229 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Asia ex-japan Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 473, ,722 Cash and cash equivalent 10, ,356 Dividends receivable Subscriptions receivable Amounts due from brokers 1, ,188 Other receivables TOTAL ASSETS 485, ,720 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable 6, ,732 Amounts due to brokers Management, directors and advisory fees payable Performance fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,490 TOTAL LIABILITIES 485, ,720 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 287, ,856 Cash and cash equivalent 23, ,440 Dividends receivable Subscriptions receivable Other receivables TOTAL ASSETS 311, ,751 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fees payable - 1, ,760 Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,874 TOTAL LIABILITIES 309,667 2, ,

230 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Asia ex-japan Small and Mid-Cap Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 56, ,798 Investments in financial derivative instruments Cash and cash equivalent Dividends receivable Subscription receivable Amounts due from brokers 1, ,004 Other receivables TOTAL ASSETS 58, ,768 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable 1, ,812 Amounts due to brokers Management, directors and advisory fees payable Performance fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,779 TOTAL LIABILITIES 58, ,768 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 62, ,451 Investments in financial derivative instruments Cash and cash equivalent 7, ,323 Dividends receivable Subscription receivable 2, ,694 Other receivables TOTAL ASSETS 72, ,512 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable Amounts due to brokers 4, ,255 Management, directors and advisory fees payable Performance fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,227 TOTAL LIABILITIES 71, ,

231 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Global Opportunities Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 246, ,735 Investments in financial derivative instruments Cash and cash equivalent 58, ,116 Dividends receivable Subscription receivable 2, ,418 Other receivables TOTAL ASSETS 307, ,514 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,266 TOTAL LIABILITIES 307, ,514 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 113, ,765 Cash and cash equivalent 23, ,677 Dividends receivable Subscription receivable Receivable from investment manager Other receivables TOTAL ASSETS 137, ,656 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Redemptions payable Management, directors and advisory fees payable Performance fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,423 TOTAL LIABILITIES 137, ,

232 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Japan Dividend Growth Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 98, ,354 Investments in financial derivative instruments Cash and cash equivalent 2, ,062 Dividends receivable Subscriptions receivable Amounts due from brokers Other receivables TOTAL ASSETS 101, ,650 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Payable on redemptions Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,983 TOTAL LIABILITIES 101, ,650 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 102, ,647 Investments in financial derivative instruments Cash and cash equivalent Dividends receivable Subscriptions receivable Receivable from investment manager TOTAL ASSETS 102, ,816 LIABILITIES 2015 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,270 TOTAL LIABILITIES 102, ,

233 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM US Small Mid Cap Equity Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 11, ,854 Cash and cash equivalent Dividends receivable Subscriptions receivable Amounts due from brokers Receivable from investment manager Other receivables TOTAL ASSETS 12, ,354 LIABILITIES 2016 ( 000) Redemptions payable Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders 12, ,296 TOTAL LIABILITIES 12, ,354 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 3, ,679 Cash and cash equivalent Dividends receivable Receivable from investment manager TOTAL ASSETS 3, ,841 LIABILITIES 2015 ( 000) Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,820 TOTAL LIABILITIES 3, ,

234 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM European Concentrated Value Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 4, ,806 Cash and cash equivalent Receivable from investment manager Other receivables TOTAL ASSETS 5, ,132 LIABILITIES 2016 ( 000) Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,116 TOTAL LIABILITIES 5, ,132 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 2, ,925 Cash and cash equivalent Receivable from investment manager Other receivables TOTAL ASSETS 3, ,085 LIABILITIES 2015 ( 000) Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,063 TOTAL LIABILITIES 3, ,

235 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Global Smaller Companies Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 3, ,595 Cash and cash equivalent Dividends receivable Receivable from investment manager Other receivables TOTAL ASSETS 3, ,664 LIABILITIES 2016 ( 000) Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,651 TOTAL LIABILITIES 3, ,664 ASSETS 2015 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 2, ,699 Cash and cash equivalent Dividends receivable Receivable from investment manager Other receivables TOTAL ASSETS 2, ,814 LIABILITIES 2015 ( 000) Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,807 TOTAL LIABILITIES 2, ,

236 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Interest Rate Risk Interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates. The sub-funds are not exposed to significant interest rate risk as the majority of the sub-funds financial assets are equity shares and other instruments which neither pay interest nor have a maturity date. Global Exposure to Financial Derivative Instruments The Investment Manager s Risk Management department has assessed the risk profile of the Company and the related sub-funds on the basis of the investment policy, strategy and the use of financial derivative instruments. Based on the risk profile, Risk Management has determined that the method for the calculation of the global exposure to financial derivative instruments for all sub-funds will be the commitment approach, where the sub-fund holds financial derivative instruments. Breaches of the exposure limits, if any, are identified using a commitment approach, addressed by the Investment Manager and reported to the Directors. An annual FDI report is provided to the Central Bank detailing any exposure breaches in either the global exposure or counterparty risk exposure in respect of Financial Derivative Instruments. During the financial year ended 31 December 2016 and 31 December 2015 there were no breaches of the Financial Derivative Instruments exposure limits. 9 Distributions to Shareholders Sub-fund Year ended 31 December Year ended 31 December JOHCM Continental European Fund 2,076 8,221 JOHCM UK Growth Fund 7,004 1,594 JOHCM European Select Values Fund 4,226 12,412 JOHCM Japan Fund 5,316 5,857 JOHCM Global Select Fund 6,741 4,091 JOHCM Emerging Markets Fund JOHCM All Europe Dynamic Growth Fund* - 29 JOHCM Global Emerging Markets Opportunities Fund 2,540 2,389 JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM Global Opportunities Fund 1, JOHCM Japan Dividend Growth Fund 1, * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February The Company may declare dividends once a year out of the net income available for distribution. The distribution paid in 2016 was based on available income as at 31 December The Directors operate a distribution policy designed to enable the Company to obtain reporting fund status in respect of all sub-funds and share classes for the purposes of United Kingdom taxation. Such certification is granted retrospectively and there can be no guarantee that certification will be obtained. The Company has been certified as a reporting Fund in respect of all sub-funds and share classes in respect of the financial year ended 31 December Distributions payable to holders of redeemable participating preference shares Proposed distributions to holders of participating shares are classified as finance costs in the Statement of Comprehensive Income when they are ratified at the Annual General Meeting. 234

237 Notes to the Financial Statements continued 10 Soft Commissions Under the UK Financial Conduct Authority Regulations to which they are subject, the Investment Manager may only use commission paid by the Company to pay for execution or research services. Such payments will normally be paid to the broker executing the trade for the Company but the Investment Manager also makes limited use of commission sharing arrangements. Under these arrangements a proportion of the commission paid to specified commission sharing brokers who execute the trades for the Company are put aside and subsequently paid at the Investment Manager s direction to specialist research providers where those services will assist in the provision of investment services to the Company. There were no Soft Commission arrangements entered into during the financial year ended 31 December Efficient Portfolio Management TTechniques and instruments for the purpose of efficient portfolio management were utilised during the financial year by the JOHCM European Select Values Fund. Certain sub-funds may also enter into stock lending with one or more counterparties for the purposes of efficient portfolio management, and in particular with the aim of generating additional income for the sub-funds with an appropriate level of risk, taking into account the risk profile of the sub-funds and subject to the conditions and limits as set out in the UCITS Regulations and within any further limits laid down by the Central Bank from time to time. (See note 14). The change in unrealised gains and losses and realised gains and losses on financial derivative instruments used for EPM are disclosed in note 12, Gains and Losses on Financial Assets. For the realised gains on Swaps for JOHCM European Select Values Fund this is disclosed as a stand alone item on the Statement of Comprehensive Income and is therefore not included in note 12. Techniques and instruments relating to transferable securities utilised for the purposes of efficient portfolio management may be used only in accordance with the investment objectives of a collective investment scheme. Any such technique or instrument must be one which is reasonably believed by the Investment Manager to be economically appropriate to the efficient portfolio management of the Company, i.e. the use of a technique or instrument may only be undertaken for the purposes of one or more of the following: (i) a reduction in risk; (ii) a reduction in costs; or (iii) an increase in capital or income returns to the scheme. 235

238 Notes to the Financial Statements continued 12 Gains and Losses on Financial Assets Net Gain/(Loss) on financial assets/liabilities at fair value through profit or loss for the financial year ended 31 December 2016 Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Continental European Fund Investments 164,639 75, ,382 Foreign exchange 6,178-6,178 Forward exchange contracts (21,173) (4,011) (25,184) 149,644 71, ,376 JOHCM UK Growth Fund Investments (13,736) 30,693 16,957 Foreign exchange (54) - (54) (13,790) 30,693 16,903 JOHCM European Select Values Fund Investments 116, , ,917 Foreign exchange (2,788) - (2,788) Forward exchange contracts 210 (9) 201 Options (9,865) (7,044) (16,909) Swaps - (25) (25) 103, , ,396 JOHCM Japan Fund Investments 45,293 42,859 88,152 Foreign exchange Forward exchange contracts (63,049) (129) (63,178) (17,550) 42,730 25,180 JOHCM Global Select Fund Investments 182, , ,495 Foreign exchange 21,952-21,952 Forward exchange contracts 205 (56) , , ,596 JOHCM Emerging Markets Fund Investments 2,530 3,237 5,767 Foreign exchange (25) - (25) Forward exchange contracts (9) - (9) 2,496 3,237 5,733 JOHCM Global Emerging Markets Opportunities Fund Investments 5,774 43,594 49,368 Foreign exchange Forward exchange contracts (5) (1) (6) 6,421 43,593 50,

239 Notes to the Financial Statements continued 12 Gains and Losses on Financial Assets continued Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Asia ex-japan Fund Investments (672) 73,417 72,745 Foreign exchange 2,914-2,914 Forward exchange contracts (156) 2 (154) 2,086 73,419 75,505 JOHCM Asia ex-japan Small and Mid-Cap Fund Investments 5, ,548 Foreign exchange (35) - (35) Forward exchange contracts , ,524 JOHCM Global Opportunities Fund Investments 22,471 21,734 44,205 Foreign exchange 6,833-6,833 Forward exchange contracts 24 (13) 11 29,328 21,721 51,049 JOHCM Japan Dividend Growth Fund Investments 4,501 11,857 16,358 Foreign exchange Forward exchange contracts (2,219) (18) (2,237) 2,659 11,839 14,498 JOHCM US Small Mid Cap Equity Fund Investments 923 2,303 3,226 Foreign exchange ,303 3,260 JOHCM European Concentrated Value Fund Investments Foreign exchange Forward exchange contracts (1) - (1) JOHCM Global Smaller Companies Fund Investments Foreign exchange

240 Notes to the Financial Statements continued 12 Gains and Losses on Financial Assets continued Net Gain/(Loss) on financial assets/liabilities at fair value through profit or loss for the financial year ended 31 December 2015 Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Continental European Fund Investments 89,695 49, ,535 Foreign exchange (1,112) - (1,112) Forward exchange contracts 5, ,300 93,587 50, ,723 JOHCM UK Growth Fund Investments 28,827 (52,622) (23,795) Foreign exchange Forward exchange contracts ,872 (52,622) (23,750) JOHCM European Select Values Fund Investments 57,986 38,365 96,351 Foreign exchange (2,060) - (2,060) Forward exchange contracts Options (10,504) (300) (10,804) Swaps - (1,034) (1,034) 46,273 37,044 83,317 JOHCM Japan Fund Investments 70,425 8,708 79,133 Foreign exchange (283) - (283) Forward exchange contracts (22,789) 971 (21,818) 47,353 9,679 57,032 JOHCM Global Select Fund Investments 79,370 (170,902) (91,532) Foreign exchange 6,426-6,426 Forward exchange contracts (166) 36 (130) 85,630 (170,866) (85,236) JOHCM Emerging Markets Fund Investments 1,134 (2,122) (988) Foreign exchange (74) - (74) Forward exchange contracts (117) - (117) 943 (2,122) (1,179) JOHCM All Europe Dynamic Growth Fund* Investments 1,569 (1,143) 426 Foreign exchange Forward exchange contracts ,584 (1,143) 441 * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February

241 Notes to the Financial Statements continued 12 Gains and Losses on Financial Assets continued Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Global Emerging Markets Opportunities Fund Investments 1,245 (7,795) (6,550) Foreign exchange Forward exchange contracts ,573 (7,795) (6,222) JOHCM Asia ex-japan Fund Investments (15,659) (2,259) (17,918) Foreign exchange Forward exchange contracts 4 (1) 3 (15,070) (2,260) (17,330) JOHCM Asia ex-japan Small and Mid-Cap Fund Investments 2,657 2,266 4,923 Foreign exchange Forward exchange contracts (1) - (1) 2,690 2,266 4,956 JOHCM Global Opportunities Fund Investments 12,208 4,314 16,522 Foreign exchange Forward exchange contracts 23 (1) 22 13,061 4,313 17,374 JOHCM Japan Dividend Growth Fund Investments 4,329 1,828 6,157 Foreign exchange Forward exchange contracts (950) 51 (899) 3,509 1,879 5,388 JOHCM US Small Mid Cap Equity Fund Investments 262 (59) 203 Foreign exchange 3-3 Forward exchange contracts (1) - (1) 264 (59) 205 JOHCM European Concentrated Value Fund Investments (34) (69) (103) Foreign exchange (4) - (4) Forward exchange contracts (38) (69) (107) JOHCM Global Smaller Companies Fund Investments (211) 14 (197) Foreign exchange 1-1 Forward exchange contracts (2) - (2) (212) 14 (198) 239

242 Notes to the Financial Statements continued 13 Statement of Net Assets for Current and Prior Years 31 December December December 2014 JOHCM Continental European Fund Net Assets ( 000) 1,669,285 1,693,594 1,261,585 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $1.206 $1.179 $1.018 Net Asset Value per Unit in GBP AH Shares Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in USD B Shares $1.219 $1.193 $1.035 Net Asset Value per Unit in GBP Y Shares Net Asset Value per Unit in EUR Y Shares Net Asset Value per Unit in GBP YH Shares JOHCM UK Growth Fund Net Assets ( 000) 309, , ,073 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in GBP B Shares JOHCM European Select Values Fund Net Assets ( 000) 2,389,296 1,692,190 1,315,400 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in EUR ND Shares Net Asset Value per Unit in EUR X Shares JOHCM Japan Fund Net Assets ( 000) 434, , ,445 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in GBP AH Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in JPY A Shares Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in GBP BH Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in JPY B Shares

243 Notes to the Financial Statements continued 13 Statement of Net Assets for Current and Prior Years continued 31 December December December 2014 JOHCM Global Select Fund Net Assets ( 000) 2,282,827 1,944,964 1,706,248 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $1.279 $1.268 $1.356 Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in USD B Shares $1.454 $1.449 $1.563 Net Asset Value per Unit in GBP Z Shares Net Asset Value per Unit in EUR Z Shares Net Asset Value per Unit in USD Z Shares $1.426 $1.413 $1.513 Net Asset Value per Unit in EUR ND Shares JOHCM Emerging Markets Fund Net Assets ( 000) 25,388 22,185 34,350 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $1.212 $1.104 $1.275 Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in USD B Shares $1.213 $1.107 $1.282 Net Asset Value per Unit in GBP Y Shares JOHCM All Europe Dynamic Growth Fund* Net Assets ( 000) - - 8,424 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares JOHCM Global Emerging Markets Opportunities Fund Net Assets ( 000) 222, , ,302 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $0.880 $0.839 $0.933 Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in USD B Shares $ Net Asset Value per Unit in GBP Z Shares Net Asset Value per Unit in AUD Z Shares AU$1.401 AU$1.337 AU$1.314 Net Asset Value per Unit in CAD ZC Shares CA$1.249 CA$1.245 CA$1.140 Net Asset Value per Unit in GBP Y Shares Net Asset Value per Unit in USD Y Shares $ * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February

244 Notes to the Financial Statements continued 13 Statement of Net Assets for Current and Prior Years continued 31 December December December 2014 JOHCM Asia ex-japan Fund Net Assets ( 000) 478, , ,411 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $1.491 $1.465 $1.564 Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in USD B Shares $1.458 $1.436 $1.533 Net Asset Value per Unit in GBP Z Shares JOHCM Asia ex-japan Small and Mid-Cap Fund Net Assets ( 000) 56,779 67,227 17,776 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $1.668 $1.803 $1.645 Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in USD B Shares $1.586 $1.725 $1.586 Net Asset Value per Unit in GBP Z Shares JOHCM Global Opportunities Fund Net Assets ( 000) 306, , ,099 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $1.676 $1.579 $1.472 Net Asset Value per Unit in GBP B Shares Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in USD B Shares $1.639 $1.557 $1.455 Net Asset Value per Unit in GBP X Shares Net Asset Value per Unit in GBP Z Shares Net Asset Value per Unit in GBP ND Z Shares JOHCM Japan Dividend Growth Fund Net Assets ( 000) 100, ,270 64,984 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $1.097 $1.092 $1.032 Net Asset Value per Unit in GBP AH Shares Net Asset Value per Unit in USD AH Shares $1.181 $1.255 $1.185 Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in GBP Seed Shares

245 Notes to the Financial Statements continued 13 Statement of Net Assets for Current and Prior Years continued 31 December December December 2014 JOHCM US Small Mid Cap Equity Fund Net Assets ( 000) 12,296 3,820 3,323 Net Asset Value per Unit in GBP A Shares Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD A Shares $1.193 $1.036 $1.035 Net Asset Value per Unit in EUR B Shares Net Asset Value per Unit in USD B Shares $1.175 $1.028 $1.033 Net Asset Value per Unit in USD Seed Shares $1.208 $1.044 $1.038 JOHCM European Concentrated Value Fund Net Assets ( 000) 5,116 3,063 - Net Asset Value per Unit in EUR A Shares Net Asset Value per Unit in USD B Shares $ JOHCM Global Smaller Companies Fund Net Assets ( 000) 3,651 2,807 - Net Asset Value per Unit in USD A Shares $1.006 $ Stock Lending Certain sub-funds may lend securities to brokers, dealers and other financial organisations to earn additional income. Each security is collateralised with collateral assets in an amount greater than the current market value of the loaned securities. The Company appointed RBC Investor Services Trust ( the Agent ) as its Collateral Manager with the authority to service, administer and exercise any and all rights and remedies, on behalf of the Company in respect of the Collateral. Without limiting the foregoing, to the extent necessary or appropriate to perform its duties under this Agreement, the Agent, as collateral manager, has the power to negotiate, execute and deliver all necessary documents and instruments and take actions, on behalf of the Company, with respect to the Collateral and with respect to the rights and obligations that the Company may have under the relevant Loan Agreement. Under the ESMA requirements the Fund must be able to recall any security that has been lent out or terminate any securities lending agreement into which it has entered, at any time. In this regard, the Company authorises the Depositary to accept directions and instructions from the Agent in respect of the Collateral as if such directions and instructions were issued by the Company and agrees that it shall not seek to deal in or otherwise effect transactions in respect of the Collateral. The aggregate market value provided in respect of a sub-fund shall never be less than the higher of: (a) (i) in respect of Collateral consisting of bonds, 102% of the aggregate market value of the loaned Available Securities of such sub-fund; or (ii) in respect of Collateral consisting of equities, 105% of the aggregate market value of the loaned Available Securities of such sub-fund, whichever is applicable. Certain sub-funds may lend securities to brokers, dealers and other financial organisations to earn additional income. Each security is collateralised with collateral assets in an amount greater than the current market value of the loaned securities, and (b) the percentage of the aggregate market value of the loaned Available Securities of such sub-fund which is required by the applicable stock lending requirements of the CBI. The Agent monitors and calculates the market value of both the Collateral and loaned Securities, at least daily or otherwise in accordance with standard market practice, and, as appropriate, diligently request additional Collateral from a Securities Borrower under the relevant Loan Agreement. The Collateral shall be deposited with the Depositary and the Depositary will keep adequate accounting records that record the sub-fund s proportionate interest in the Collateral. The Company acknowledges and agrees that the Depositary may use sub-custodians or intermediaries (which may include the Agent or another affiliate of the Depositary) to hold the Collateral, as provided in the Depositary Agreement. The Company acknowledges and agrees that Collateral held with intermediaries (including but not limited to, the Agent, as aforesaid) may be held as part of a pool of collateral consisting of the Collateral and collateral delivered by the sub-custodian s or intermediary s other clients, provided that such sub-custodians or intermediaries shall maintain the Collateral in an account 243

246 Notes to the Financial Statements continued 14 Stock Lending continued or accounts separate from accounts holding their own financial assets or those of their clients other than clients with an interest in the collateral pool. At 31 December 2016, the aggregate value of securities on loan by the Company amounted to GBP 652,075,000 (2015: GBP 379,862,000) and the value of collateral held by the Company in respect of these securities amounted to GBP 684,679,000 (2015: GBP 398,856,000). The value of securities on loan and collateral pledged as at 31 December 2016 for each sub-fund, analysed by counterparty was as follows: Counterparty Value of Securities on Loan 000 Value of Collateral 000 JOHCM Continental European Fund Barclays Capital Securities 4,199 4,409 Morgan Stanley & Co. 2,469 2,592 HSBC Bank 5,420 5,691 Credit Suisse Securities Eur 4,167 4,375 Natixis 17,090 17,945 The Bank Of Nova Scotia 1,065 1,118 BNP Paribas Securities Services 2,284 2,398 JP Morgan Securities 3,535 3,711 ING Bank 9,046 9,499 Danske Bank BNP Paribas Arbitrage Skandinaviska Enskilda Banken AB 5,788 6,078 Unicredit Bank AG 2,364 2,482 Total 58,999 61,948 JOHCM European Select Values Fund RBC Dominion Securities 8,859 9,302 BNP Paribas Arbitrage 1,074 1,128 Goldman Sachs International 9,784 10,274 ING Bank Deutsche Bank 18,200 19,110 ABN Amro Bank 1,733 1,819 Skandinaviska Enskilda Banken AB 42,035 44,137 UBS AG 12,025 12,626 Morgan Stanley & Co. 12,444 13,066 HSBC Bank 19,941 20,938 Credit Suisse Securities Eur 5,105 5,360 Merrill Lynch International 30,787 32,326 BNP Paribas Securities Services 26,306 27,621 The Bank Of Nova Scotia 3,333 3,499 Societe Generale 26,510 27,836 Abbey National Treasury Services 15,711 16,497 Natixis 4,222 4,433 JP Morgan Securities 31,781 33,370 Danske Bank Total 271, ,

247 Notes to the Financial Statements continued Counterparty Value of Securities on Loan 000 Value of Collateral 000 JOHCM Global Select Fund RBC Dominion Securities 15,863 16,656 Scotia Capital 22,578 23,707 National Bank Financial 64,001 67,201 JP Morgan Securities 6,217 6,528 CIBC World Markets 2,860 3,003 Skandinaviska Enskilda Banken AB 1,121 1,177 Societe Generale HSBC Bank 31,980 33,579 Citigroup Global Markets Natixis 122, ,843 Merrill Lynch International Abbey National Treasury Services 2,849 2,991 BNP Paribas Prime Brokerage Unicredit Bank AG 1,245 1,308 Danske Bank 3,258 3,421 Total 277, ,873 JOHCM Emerging Market Fund HSBC Bank Natixis Total JOHCM Global Emerging Market Opportunities Fund Barclays Capital Securities Deutsche Bank UBS AG HSBC Bank 5,852 6,144 Scotia Capital Natixis 2,395 2,515 Unicredit Bank AG Total 9,743 10,229 JOHCM Asia ex-japan Fund RBC Dominion Securities 8,420 8,841 Barclays Capital Securities Societe Generale Natixis 17,871 18,765 Citigroup Global Markets 4,203 4,414 Total 31,186 32,746 JOHCM Asia ex-japan Small And Mid Cap Fund Scotia Capital Natixis 2,076 2,179 Total 2,439 2,

248 Notes to the Financial Statements continued 14 Stock Lending continued Counterparty Value of Securities on Loan 000 Value of Collateral 000 JOHCM US Small Mid Cap Equity Fund National Bank Financial Scotia Capital Natixis BNP Paribas Prime Brokerage Total JOHCM Global Smaller Companies Fund* Scotia Capital Natixis Total The following table is a breakdown of the net income earned from stock lending by each sub-fund for the financial year ended 31 December These amounts are included in other income in the Statement of Comprehensive Income. The Company has engaged a securities lending agent (the Agent ) to arrange these transactions on its behalf. All revenues from the stocklending transactions, net of direct and indirect operational costs, will be returned to the relevant Fund. The Agent is entitled to retain, as a fee for its services, 30% of all fees collected from securities borrowers, out of which the Agent will pay all of its costs and out of pocket expenses incurred in relation to the lending of the relevant Fund s securities. These costs and fees do not include hidden revenue. The appointed Agent as of the date of this Prospectus is RBC Investor Services Trust which is a related party to the Depositary. Name of sub-fund Aggregate Value of Income 31 December Aggregate Value of Income 31 December JOHCM Continental European Fund JOHCM European Select Values Fund 1, JOHCM Global Select Fund JOHCM Emerging Markets Fund 7 4 JOHCM All Europe Dynamic Growth Fund* - 1 JOHCM Global Emerging Markets Opportunities Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Small and Mid-Cap Fund J JOHCM US Small Mid Cap Equity Fund 2 - JOHCM European Concentrated Value Fund 1 - JOHCM Global Smaller Companies Fund 1 - Total 2,594 1,739 * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February

249 Notes to the Financial Statements continued 15 Material Changes to the Prospectus There were no material changes to the prospectus during the financial year ended 31 December An updated Prospectus was submitted and noted by the CBI on 11 January Two new share classes, the JOHCM Global Emerging Markets Fund USD B Class and the JOHCM Global Oppurtunities Fund GBP Non-distributing class were launched in Supplementary Prospectus to this effect were noted by CBI on 2 February 2016 and 29 February 2016 respectively. 16 Subsequent Events Two new share classes, the JOHCM European Concentrated Value Fund AUD Z Class and EUR Z Class were launched on 12 January Application has been made to the CBI for the following new sub-funds: JOHCM UK Equity Income Fund GBP Class A and Y JOHCM UK Opportunities Fund GBP Class A, Y and X JOHCM UK Dynamic Fund GBP Class A and Y Application has also been made to the CBI for the following new share classes: JOHCM European Concentrated Value Fund Sing $ Class B Hedged and Unhedged JOHCM European Concentrated Value Fund EUR Class Z JOHCM Global Opportunities Fund EUR Class Z and $CAN Class Z JOHCM Continental European Fund GBP Class X Hedged Subject to approval by the CBI it is anticipated that these share classes will launch on 31 March There have been no other material subsequent events since 31 December Approval of financial statements The financial statements were approved and authorised for issue by the Board of Directors on 15 March

250 Appendix 1 (unaudited) Ongoing Charge Figure The Ongoing Charge Figures ( OCF ) are set out below. The OCF calculation includes all annual operating costs, but excludes bank interest and performance fees. The OCFs are not required to be included in this Report by the Central Bank of Ireland. They are provided for information purposes only. Ongoing charge figure year ended 31 Dec 2016 (ex perf fee) Ongoing charge figure year ended 31 Dec 2015 (ex perf fee) Performance Figure Financial Year Ended 31 Dec 2016 Performance Figure Financial Year Ended 31 Dec 2015 Total Expense Figure Financial Year Ended 31 Dec 2016 Total Expense Figure Financial Year Ended 31 Dec 2015 Sub-fund % % % % % % JOHCM Continental European Fund GBP Class A EUR Class A USD Class A Hedged GBP Class A Hedged GBP Class B EUR Class B USD Class B Hedged GBP Y Class EUR Y Class GBP Y Hedged Class JOHCM UK Growth Fund GBP Class A GBP Class B JOHCM European Select Values Fund GBP Class A EUR Class A EUR X Class EUR Accumulation Class GBP Class B EUR Class B JOHCM Japan Fund GBP Class A EUR Class A JPY Class A GBP Class A Hedged GBP Class B EUR Class B JPY Class B GBP Class B Hedged

251 Appendix 1 (unaudited) continued Ongoing charge figure year ended 31 Dec 2016 (ex perf fee) Ongoing charge figure year ended 31 Dec 2015 (ex perf fee) Performance Figure Financial Year Ended 31 Dec 2016 Performance Figure Financial Year Ended 31 Dec 2015 Total Expense Figure Financial Year Ended 31 Dec 2016 Total Expense Figure Financial Year Ended 31 Dec 2015 Sub-fund % % % % % % JOHCM Global Select Fund GBP Class A EUR Class A USD Class A GBP Z Class EUR Z Class GBP Class B EUR Class B USD Class B USD Z Class EUR E Class JOHCM Emerging Markets Fund GBP Class A EUR Class A USD Class A GBP Y Class GBP Class B EUR Class B USD Class B JOHCM Global Emerging Markets Opportunities Fund GBP Class A EUR Class A USD Class A GBP Class B EUR Class B USD Class B CAD Z Class GBP Z Class AUD Z Class GBP Y Class USD Y Class JOHCM Asia ex-japan Fund GBP Class A EUR Class A USD Class A GBP Z Class GBP Class B EUR Class B USD Class B

252 Appendix 1 (unaudited) continued Ongoing charge figure year ended 31 Dec 2016 (ex perf fee) Ongoing charge figure year ended 31 Dec 2015 (ex perf fee) Performance Figure Financial Year Ended 31 Dec 2016 Performance Figure Financial Year Ended 31 Dec 2015 Total Expense Figure Financial Year Ended 31 Dec 2016 Total Expense Figure Financial Year Ended 31 Dec 2015 Sub-fund % % % % % % JOHCM Asia ex-japan Small and Small and Mid-Cap Fund GBP Class A EUR Class A USD Class A GBP Z Class GBP Class B EUR Class B USD Class B JOHCM Global Opportunities Fund GBP Class A EUR Class A USD Class A GBP Z Class GBP X Class GBP Class B EUR Class B USD Class B GBP ND Z Class JOHCM Japan Dividend Growth Fund GBP Class A EUR Class A USD Class A GBP Class A Hedged USD Class A Hedged EUR Class B GBP Seed Class JOHCM US Small Mid Cap Equity Fund GBP Class A EUR Class A USD Class A EUR Class B USD Class B USD Seed Class JOHCM European Concentrated Value Fund EUR Class A USD Class B JOHCM Global Smaller Companies Fund USD Class A

253 Appendix 1 (unaudited) continued The Reportable Income table summarises the net income available per sub-fund at 31 December The income amount per share class are derived from the income received less any applicable expenses. JOHCM Continental European Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE IE IE IE Share class IDI (GBP) IDX (EUR) RDI (GBP) RDX (EUR) Available Income 8,133, ,266, ,984, , Number of Shares Outstanding at 31/12/ ,443, ,411, ,138, ,871, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B993PD05 IE00BJ4G0G26 IE00BSJCJ493 IE00BJ4G0H33 Share class Y (GBP) IDU (USD) IHI (GBP) RDU (USD) Available Income 6,775, , ,199, , Number of Shares Outstanding at 31/12/ ,366, ,067, ,025, ,775, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00BSJCJ501 IE00B98YKX92 Share class YCH (GBP) YE (EUR) Available Income 1,394, , Number of Shares Outstanding at 31/12/ ,352, ,777, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

254 Appendix 1 (unaudited) continued JOHCM UK Growth Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE IE Share class IDI (GBP) RDI (GBP) Available Income 5,040, , Number of Shares Outstanding at 31/12/ ,079, ,834, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 0 JOHCM European Select Values Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE IE IE IE Share class IDI (GBP) IDX (EUR) RDI (GBP) RDX (EUR) Available Income 191, ,192, , ,573, Number of Shares Outstanding at 31/12/2016 5,959, ,319, , ,793, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL Share class IE00B4K14L92 X (EUR) Available Income N/a Number of Shares Outstanding at 31/12/ ,304, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 252

255 JOHCM Japan Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE IE IE IE00B5LD7P60 Share class IDI (GBP) IDX (EUR) IDY (YEN) IHI (GBP) Available Income 3,033, , , ,102, Number of Shares Outstanding at 31/12/ ,165, ,902, ,169, ,692, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE IE IE IE00B6386R19 Share class RDI (GBP) RDX (EUR) RDY (YEN) RHI (GBP) Available Income 84, , , , Number of Shares Outstanding at 31/12/2016 4,234, , ,674, ,327, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

256 Appendix 1 (unaudited) continued JOHCM Global Select Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B3DBRN27 IE00B3T31Z22 IE00B3DBRP41 IE00B3DBRL03 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 247, , ,114, N/a Number of Shares Outstanding at 31/12/ ,106, ,713, ,778, ,076, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B5L7L670 IE00B3DBRM10 IE00B3DCMB82 IE00B4V7J004 Share class RDU (USD) RDX (EUR) Z (GBP) Z (USD) Available Income N/a N/a 7,541, , Number of Shares Outstanding at 31/12/ ,307, ,091, ,178, ,437, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL Share class IE00B3DBRQ57 ZX (EUR) Available Income 752, Number of Shares Outstanding at 31/12/ ,937, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 254

257 Appendix 1 (unaudited) continued JOHCM Emerging Markets Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B4X6J509 IE00B4Q8YK30 IE00B4XR4N63 IE00B4W7Q644 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 1, , , N/a Number of Shares Outstanding at 31/12/ , ,314, ,784, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B4NX0P80 IE00B4WG5Q49 IE00B84FWM25 Share class RDU (USD) RDX (EUR) Y (GBP) Available Income N/a N/a 56, Number of Shares Outstanding at 31/12/2016 4,364, , ,465, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

258 Appendix 1 (unaudited) continued JOHCM Global Emerging Markets Opportunities Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B4002N46 IE00B4M6CN00 IE00B3ZBLW75 IE00B41RZ573 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 60, , , , Number of Shares Outstanding at 31/12/2016 4,092, ,100, , ,242, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B4XXMP29 IE00B4TRCR07 IE00B6R54W91 IE00BBPK0L23 Share class RDU (USD) RDX (EUR) Z (GBP) Z (CAD) Available Income 160, , ,918, Number of Shares Outstanding at 31/12/ ,808, , , ,219, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B5W6ZB60 IE00BYSGJY42 IE00BYSGJZ58 Share class ZD (AUD) Y (GBP) YUD (USD) Available Income 1,097, , , Number of Shares Outstanding at 31/12/ ,832, ,642, ,076, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

259 Appendix 1 (unaudited) continued JOHCM Asia ex-japan Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B3RQ2721 IE00B435PM67 IE00B431KK76 IE00B3ZQS767 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 429, ,116, ,039, , Number of Shares Outstanding at 31/12/ ,624, ,433, ,871, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B4114S53 IE00B5L49R51 IE00B44PG779 Share class RDU (USD) RDX (EUR) Z (GBP) Available Income 921, , , Number of Shares Outstanding at 31/12/ ,401, ,882, ,339, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

260 Appendix 1 (unaudited) continued JOHCM Asia ex-japan Small and Mid Cap Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B6R5LS41 IE00B6R5QW32 IE00B6R5VD95 IE00B6R63P81 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 165, , , , Number of Shares Outstanding at 31/12/2016 8,507, ,473, ,706, ,576, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B6R5YM91 IE00B6R5HM01 IE00B4X3T620 Share class RDU (USD) RDX (EUR) Z (GBP) Available Income N/a 114, Number of Shares Outstanding at 31/12/ , , ,483, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

261 Appendix 1 (unaudited) continued JOHCM Global Opportunities Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B89PQM59 IE00B89JY234 IE00B7MR5575 IE00B89JT176 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 374, , , , Number of Shares Outstanding at 31/12/ ,578, ,492, ,739, ,382, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B8295C79 IE00B80FZF09 IE00BQVC9L01 IE00B83MS159 Share class RDU (USD) RDX (EUR) X (GBP) Z (GBP) Available Income 9, , ,281, , Number of Shares Outstanding at 31/12/2016 1,145, ,970, ,953, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

262 Appendix 1 (unaudited) continued JOHCM Japan Dividend Growth Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00BQV17Q88 IE00BKS8NS44 IE00BKS8NX96 IE00BKS8NV72 Share class GBP IDI (GBP) IDU (USD) IDX (EUR) Available Income 1,767, , , , Number of Shares Outstanding at 31/12/ ,305, ,693, , ,480, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00BKS8NT50 IE00BKWPYF52 IE00BKS8NW89 Share class IHI (GBP) IHU (USD) RDX (EUR) Available Income 232, , Number of Shares Outstanding at 31/12/ ,123, ,877, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

263 Appendix 1 (unaudited) continued JOHCM US Small Mid Cap Equity Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00BQT49290 IE00BQT49522 IE00BQT49308 IE00BQT49639 Share class IDI (GBP) IDU (USD) IDX (EUR) RDU (USD) Available Income N/a N/a N/a N/a Number of Shares Outstanding at 31/12/ , , , , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00BQT49415 IE00BQT49746 Share class RDX (EUR) USD Available Income N/a N/a Number of Shares Outstanding at 31/12/ , ,695, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

264 Appendix 1 (unaudited) continued JOHCM European Concentrated Value Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00BW0DJY98 IE00BW0DK137 Share class IDX (EUR) RDU (USD) Available Income 4, N/a Number of Shares Outstanding at 31/12/2016 4,646, ,500, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 0 JOHCM Global Smaller Companies Fund Reportable Income For the year ended 31 December ISIN/SEDOL Share class IE00BW38RD60 IDU (USD) Available Income N/a Number of Shares Outstanding at ,461, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 262

265 Appendix 2 (unaudited) Remuneration Policy An effective remuneration policy of the Company (the Remuneration Policy ) has been put in place by the Company which complies with UCITS Regulations and the ESMA Guidelines on sound remuneration policies under the UCITS Directive (the Guidelines ). The Remuneration Policy is in line with the strategy, objectives, values and interests of the Investment Manager, the Company, the Funds and the Shareholders and includes measures to avoid conflicts of interest. Furthermore, the Investment Manager (being the entity to which portfolio management activities are delegated) is subject to regulatory requirements on remuneration that are equally as effective as those applicable under the Guidelines. The details of the up-to-date Remuneration Policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, where such a committee exists, are available on the following website A paper copy is available free of charge upon request. When the FCA s updated rules regarding remuneration become applicable to the Investment Manager, the Investment Manager shall implement a revised remuneration policy which will continue to ensure that relevant members of staff are not incentivised, by way of their remuneration package, to take excessive risks when managing funds. Details of the Investment Manager s upto-date remuneration policy will then be available at with a paper copy available free of charge from the Investment Manager upon request. 263

266 Appendix 3 (unaudited) Securities Financing Transactions As the Company undertakes securities lending it is required to report on Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities on commodities lending and securities on commodities borrowing and margin lending transactions). Please read this Appendix in conjunction with note 14 Stock Lending. Concentration Data Top 10 Issuers Issuer Name Volume Amount of Collateral GBP Denmark Government Bond 205,404, ,190,548 United Kingdom Gilt Inflation Linked 32,600,314 62,546,548 French Republic Government Bond OAT 60,131,126 56,996,317 Kingdom of Belgium Government Bond 13,379,249 12,676,617 United Kingdom Gilt 9,254,245 10,750,652 United States Treasury Note/Bond 11,040,581 9,533,189 Province of Quebec Canada 7,545,125 8,018,663 Province of Ontario Canada 7,120,374 6,781,097 Canadian Government Bond 5,715,968 5,357,242 Canadian Mortgage Pools 6,080,962 4,502,908 Top 10 Counterparties Counterparty Name Country Name Amount of Collateral GBP Natixis France 5,286,531,394 Societe Generale France 600,303,722 Skandinaviska Enskilda Bkn Ab Publ Sweden 209,556,973 National Bank Financial Inc United Kingdom 94,026,958 Hsbc Bank Plc United Kingdom 58,194,725 RBC Dominion Securities Inc Canada 43,098,636 Merrill Lynch International United Kingdom 35,375,718 Scotia Capital Inc Canada 34,427,479 JP Morgan Securities Plc United Kingdom 32,944,014 BNP Paribas Securities Services France 30,507,348 Aggregate Transaction Data Type of Collateral Collateral Volume Amount of Collateral GBP Equities 38,271,276 6,153,978,798 Bonds 411,096, ,940,

267 Maturity Tenure of Collateral Maturity Amount of Collateral GBP Less than one day - One day to one week 331,756 One week to one month 461,196 One month to three months 4,933,555 Three months to one year 11,802,324 Above one year 397,411,882 Currencies of Securities Collateral Currencies Volume Amount of Collateral GBP AUD 1,185,193 10,461,750 CAD 53,283, ,745,086 CHF 941,226 21,347,319 DKK 205,817, ,009,536 EUR 103,408, ,692,257 GBP 62,369, ,769,621 JPY 3,282,775 5,607,940,241 NOK 677,423 30,013,553 SEK 354,709 25,694,257 USD 18,047, ,245,891 Countries of Counterparties Countries Volume Amount of Collateral GBP Canada 37,161,707 86,411,033 Denmark 11,861,387 11,521,664 France 23,656,219 5,919,111,913 Germany 5,150,029 25,622,138 Ireland 538, ,258 Netherlands 1,295,434 1,819,446 Sweden 213,741, ,556,973 Switzerland 10,790,878 12,789,271 United Kingdom 137,343, ,708,931 United States 7,829,421 6,843,884 Safe Keeping of Collateral Received Depositaries Amount of Collateral Asset Safe-Kept GBP RBC Investor Services Bank S.A. 6,568,919,

268 J O Hambro Capital Management Limited Ground Floor, Ryder Court 14 Ryder Street London SW1Y 6QB Tel: Fax: